ETF Insights - October 24, 2025

×

IOCT Detailed Analysis

341 Days Remaining

Until Outcome Period Reset

+0.32%

FUND RETURN

+1.79%

INDEX RETURN

-1.17%*

DOWNSIDE
BEFORE BUFFER

12.68%*

REMAINING
CAP

15%

Buffer Level

13.6%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, IOCT is at +0.3% with 341 days remaining. Trading at +0.3%, IOCT remains near its starting level with 11.2 months until reset. This early entry point still leaves most of the potential return available, while the full 15% buffer protection remains intact.

✅ UPSIDE SCENARIO

The ETF has 12.68% remaining upside potential (after fees), having already captured 0.32% of the approximately 13.0% total cap. From this profitable position, the 10.8:1 reward-to-risk ratio is particularly attractive, as you're effectively playing with house money while maintaining full buffer protection below.With 11.2 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 13.57% cap yield, representing 3.4x the current 3.95% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

IOCT currently shows a downside before buffer of -1.17% (after fees). With the fund at +0.32% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 16.17% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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POCT Detailed Analysis

341 Days Remaining

Until Outcome Period Reset

+0.83%

FUND RETURN

+1.66%

INDEX RETURN

-1.61%*

DOWNSIDE
BEFORE BUFFER

10.10%*

REMAINING
CAP

15%

Buffer Level

10.8%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, POCT is at +0.8% with 341 days remaining. Trading at +0.8%, POCT remains near its starting level with 11.2 months until reset. This early entry point still leaves most of the potential return available, while the full 15% buffer protection remains intact.

✅ UPSIDE SCENARIO

The ETF has 10.10% remaining upside potential (after fees), having already captured 0.83% of the approximately 10.9% total cap. This creates a strong 6.3:1 reward-to-risk ratio, enhanced by the fact that the position is already profitable with protection intact.With 11.2 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 10.81% cap yield, representing 2.7x the current 3.95% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

POCT currently shows a downside before buffer of -1.61% (after fees). With the fund at +0.83% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 16.61% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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APOC Detailed Analysis

158 Days Remaining

Until Outcome Period Reset

+0.41%

FUND RETURN

+1.68%

INDEX RETURN

-0.80%*

DOWNSIDE
BEFORE BUFFER

2.54%*

REMAINING
CAP

100%

Buffer Level

5.9%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, APOC is at +0.4% with 158 days remaining. Having returned to near its starting level with 5.2 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.

✅ UPSIDE SCENARIO

The ETF has 2.54% remaining upside potential (after fees), having already captured 0.41% of the approximately 2.9% total cap. This creates a 3.2:1 reward-to-risk ratio for the remaining period.With 5.2 months until reset, timing becomes increasingly important. Annualized, this translates to 5.86% cap yield, modestly outpacing the 4.05% T-Bill rate by 1.8 percentage points.

🛡️ DOWNSIDE PROTECTION

APOC provides complete principal protection for six months 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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ZOCT Detailed Analysis

341 Days Remaining

Until Outcome Period Reset

+0.49%

FUND RETURN

+1.66%

INDEX RETURN

-1.28%*

DOWNSIDE
BEFORE BUFFER

5.21%*

REMAINING
CAP

100%

Buffer Level

5.6%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, ZOCT is at +0.5% with 341 days remaining. Having returned to near its starting level with 11.2 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.

✅ UPSIDE SCENARIO

The ETF has 5.21% remaining upside potential (after fees), having already captured 0.49% of the approximately 5.7% total cap. This creates a 4.1:1 reward-to-risk ratio for the remaining period.With 11.2 months remaining, there is ample time for this upside scenario to develop. Annualized, this translates to 5.58% cap yield, modestly outpacing the 3.95% T-Bill rate by 1.6 percentage points.

🛡️ DOWNSIDE PROTECTION

ZOCT 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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DDFO Detailed Analysis

341 Days Remaining

Until Outcome Period Reset

+0.78%

FUND RETURN

+1.66%

INDEX RETURN

-1.57%*

DOWNSIDE
BEFORE BUFFER

7.38%*

REMAINING
CAP

15%

Buffer Level

7.9%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, DDFO is at +0.8% with 11.2 months remaining. Dual Directional Buffer ETFsâ„¢ offer the potential for positive returns in both up and down markets, and a built-in buffer against losses in severely down markets. With the outcome period recently reset, this represents an optimal entry point with maximum flexibility to profit from market moves to an upside cap or a downside buffer.

✅ UPSIDE SCENARIO

On the upside, the ETF has 7.38% remaining potential to cap (after fees), having already captured 0.78% of gains. If the market continues rising, the ETF will participate up to this cap level, providing 7.90% annualized yield on the remaining upside. This 2.0x the 3.95% T-Bill rate, compensating for the directional market risk while maintaining the unique downside profit potential.the dual-direction structure provides flexibility that traditional capped ETFs lackâ€”if the market doesn't rise, the ETF can still generate positive returns from market declines.

🛡️ DOWNSIDE PROTECTION

DDFO offers a unique structure where profits can be achieved if the market declines. The ETF generates POSITIVE returns when the index drops, up to a remaining inverse cap of ~13.5% (after fees). If bought here with the ETF up 0.8%, there will be a ~13.5% inverse cap. The ETF stops generating positive returns from declines and that inverse cap becomes the buffer amount.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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QTJL Detailed Analysis

249 Days Remaining

Until Outcome Period Reset

+8.19%

FUND RETURN

+11.87%

INDEX RETURN

7.65%*

DOWNSIDE
BEFORE BUFFER

9.20%*

REMAINING
CAP

0%

Buffer Level

13.5%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTJL is at +8.2% with 249 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 9.20% remaining upside potential (after fees), having already captured 8.19% of the approximately 17.4% total cap. This creates a 1.2:1 reward-to-risk ratio for the remaining period.The 8.2 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 13.49% cap yield, representing 3.3x the current 4.05% 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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XBJL Detailed Analysis

249 Days Remaining

Until Outcome Period Reset

+4.81%

FUND RETURN

+9.62%

INDEX RETURN

-5.38%*

DOWNSIDE
BEFORE BUFFER

5.95%*

REMAINING
CAP

9%

Buffer Level

8.7%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBJL is at +4.8% with 249 days remaining. With XBJL at +4.8% and 8.2 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.

✅ UPSIDE SCENARIO

The ETF has 5.95% remaining upside potential (after fees), having already captured 4.81% of the approximately 10.8% total cap. This creates a 1.1:1 reward-to-risk ratio for the remaining period.The 8.2 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 8.72% cap yield, representing 2.2x the current 4.05% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

XBJL currently shows a downside before buffer of -5.38% (after fees). With the fund at +4.81% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 14.38% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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XTJL Detailed Analysis

249 Days Remaining

Until Outcome Period Reset

+6.35%

FUND RETURN

+9.62%

INDEX RETURN

5.81%*

DOWNSIDE
BEFORE BUFFER

7.48%*

REMAINING
CAP

0%

Buffer Level

11.0%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTJL is at +6.3% with 249 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 7.48% remaining upside potential (after fees), having already captured 6.35% of the approximately 13.8% total cap. This creates a 1.3:1 reward-to-risk ratio for the remaining period.The 8.2 month time horizon provides a reasonable period for upside capture. Annualized, this translates to 10.97% cap yield, representing 2.7x the current 4.05% 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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QTJA Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+16.39%

FUND RETURN

+20.71%

INDEX RETURN

16.24%*

DOWNSIDE
BEFORE BUFFER

1.82%*

REMAINING
CAP

0%

Buffer Level

9.8%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTJA is at +16.4% with 68 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 1.82% remaining upside potential (after fees), having already captured 16.39% of the approximately 18.2% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 9.78% cap yield, representing 2.3x the current 4.20% 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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XBJA Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+9.41%

FUND RETURN

+15.56%

INDEX RETURN

-9.40%*

DOWNSIDE
BEFORE BUFFER

1.30%*

REMAINING
CAP

9%

Buffer Level

7.0%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBJA is at +9.4% with 68 days remaining. Having pulled back to near its starting level with 2.2 months remaining, XBJA at +9.4% 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.

✅ UPSIDE SCENARIO

The ETF has 1.30% remaining upside potential (after fees), having already captured 9.41% of the approximately 10.7% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 6.99% cap yield, significantly exceeding the 4.20% T-Bill rate by 2.8 percentage points.

🛡️ DOWNSIDE PROTECTION

XBJA currently shows a downside before buffer of -9.40% (after fees). With the fund at +9.41% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 18.40% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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XTJA Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+11.92%

FUND RETURN

+15.56%

INDEX RETURN

11.77%*

DOWNSIDE
BEFORE BUFFER

1.63%*

REMAINING
CAP

0%

Buffer Level

8.8%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTJA is at +11.9% with 68 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 1.63% remaining upside potential (after fees), having already captured 11.92% of the approximately 13.6% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 8.76% cap yield, representing 2.1x the current 4.20% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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QTAP Detailed Analysis

158 Days Remaining

Until Outcome Period Reset

+16.35%

FUND RETURN

+31.60%

INDEX RETURN

16.01%*

DOWNSIDE
BEFORE BUFFER

3.33%*

REMAINING
CAP

0%

Buffer Level

7.7%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, QTAP is at +16.4% with 158 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 3.33% remaining upside potential (after fees), having already captured 16.35% of the approximately 19.7% total cap. This creates a 0.2:1 reward-to-risk ratio for the remaining period.With 5.2 months until reset, timing becomes increasingly important. Annualized, this translates to 7.69% cap yield, significantly exceeding the 4.05% T-Bill rate by 3.6 percentage points.

🛡️ 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

XBAP Detailed Analysis

158 Days Remaining

Until Outcome Period Reset

+8.85%

FUND RETURN

+21.07%

INDEX RETURN

-8.92%*

DOWNSIDE
BEFORE BUFFER

2.82%*

REMAINING
CAP

9%

Buffer Level

6.5%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XBAP is at +8.8% with 158 days remaining. Having pulled back to near its starting level with 5.2 months remaining, XBAP at +8.8% 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.

✅ UPSIDE SCENARIO

The ETF has 2.82% remaining upside potential (after fees), having already captured 8.85% of the approximately 11.7% total cap. This creates a 0.3:1 reward-to-risk ratio for the remaining period.With 5.2 months until reset, timing becomes increasingly important. Annualized, this translates to 6.51% cap yield, significantly exceeding the 4.05% T-Bill rate by 2.5 percentage points.

🛡️ DOWNSIDE PROTECTION

XBAP currently shows a downside before buffer of -8.92% (after fees). With the fund at +8.85% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 17.92% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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XTAP Detailed Analysis

158 Days Remaining

Until Outcome Period Reset

+11.96%

FUND RETURN

+21.07%

INDEX RETURN

11.62%*

DOWNSIDE
BEFORE BUFFER

3.40%*

REMAINING
CAP

0%

Buffer Level

7.8%

Cap Yield

4.0%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, XTAP is at +12.0% with 158 days remaining. This signal indicates an opportunity worth investigating based on the current positioning within the outcome period and the available risk-reward parameters.

✅ UPSIDE SCENARIO

The ETF has 3.40% remaining upside potential (after fees), having already captured 11.96% of the approximately 15.4% total cap. This creates a 0.3:1 reward-to-risk ratio for the remaining period.With 5.2 months until reset, timing becomes increasingly important. Annualized, this translates to 7.85% cap yield, significantly exceeding the 4.05% T-Bill rate by 3.8 percentage points.

🛡️ 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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BNOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+14.88%

FUND RETURN

+19.10%

INDEX RETURN

-13.75%*

DOWNSIDE
BEFORE BUFFER

0.09%*

REMAINING
CAP

9%

Buffer Level

4.9%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, BNOV is at +14.9% with 7 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.

✅ UPSIDE SCENARIO

The ETF has 0.09% remaining upside potential (after fees), having already captured 14.88% of the approximately 15.0% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 0.2 month timeframe requires near-term market cooperation. Annualized, this translates to 4.95% cap yield, modestly outpacing the 4.35% T-Bill rate by 0.6 percentage points.

🛡️ DOWNSIDE PROTECTION

BNOV currently shows a downside before buffer of -13.75% (after fees). With the fund at +14.88% and the full 9% buffer intact, you have 9.00% of protection remaining. The index would need to decline approximately 22.75% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

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INOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+14.59%

FUND RETURN

+19.97%

INDEX RETURN

-13.59%*

DOWNSIDE
BEFORE BUFFER

-0.01%*

REMAINING
CAP

15%

Buffer Level

-0.3%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, INOV is at +14.6% with 7 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.

✅ UPSIDE SCENARIO

The ETF has reached its maximum cap level. No additional upside participation is available, but downside protection remains active for the remaining 7 days. This position now serves as a defensive allocation with limited downside risk.

🛡️ DOWNSIDE PROTECTION

INOV currently shows a downside before buffer of -13.59% (after fees). With the fund at +14.59% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 28.59% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

NNOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+15.04%

FUND RETURN

+27.54%

INDEX RETURN

-13.87%*

DOWNSIDE
BEFORE BUFFER

-0.02%*

REMAINING
CAP

15%

Buffer Level

-0.8%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, NNOV is at +15.0% with 7 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.

✅ UPSIDE SCENARIO

The ETF has reached its maximum cap level. No additional upside participation is available, but downside protection remains active for the remaining 7 days. This position now serves as a defensive allocation with limited downside risk.

🛡️ DOWNSIDE PROTECTION

NNOV currently shows a downside before buffer of -13.87% (after fees). With the fund at +15.04% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 28.87% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

PNOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+11.57%

FUND RETURN

+19.10%

INDEX RETURN

-11.17%*

DOWNSIDE
BEFORE BUFFER

-0.01%*

REMAINING
CAP

15%

Buffer Level

-0.3%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, PNOV is at +11.6% with 7 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.

✅ UPSIDE SCENARIO

The ETF has reached its maximum cap level. No additional upside participation is available, but downside protection remains active for the remaining 7 days. This position now serves as a defensive allocation with limited downside risk.

🛡️ DOWNSIDE PROTECTION

PNOV currently shows a downside before buffer of -11.17% (after fees). With the fund at +11.57% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 26.17% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

UNOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+10.93%

FUND RETURN

+19.10%

INDEX RETURN

-15.16%*

DOWNSIDE
BEFORE BUFFER

-0.02%*

REMAINING
CAP

30%

Buffer Level

-0.8%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, UNOV is at +10.9% with 7 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.

✅ UPSIDE SCENARIO

The ETF has reached its maximum cap level. No additional upside participation is available, but downside protection remains active for the remaining 7 days. This position now serves as a defensive allocation with limited downside risk.

🛡️ DOWNSIDE PROTECTION

UNOV currently shows a downside before buffer of -15.16% (after fees). With the fund at +10.93% and the full 30% buffer intact, you have 30.00% of protection remaining. The index would need to decline approximately 45.16% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

ZNOV Detailed Analysis

7 Days Remaining

Until Outcome Period Reset

+6.70%

FUND RETURN

+19.09%

INDEX RETURN

-7.08%*

DOWNSIDE
BEFORE BUFFER

-0.02%*

REMAINING
CAP

100%

Buffer Level

-0.8%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, ZNOV is at +6.7% with 7 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.

✅ UPSIDE SCENARIO

The ETF has reached its maximum cap level. No additional upside participation is available, but downside protection remains active for the remaining 7 days. This position now serves as a defensive allocation with limited downside risk.

🛡️ 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

IDEC Detailed Analysis

37 Days Remaining

Until Outcome Period Reset

+16.27%

FUND RETURN

+20.35%

INDEX RETURN

-14.85%*

DOWNSIDE
BEFORE BUFFER

0.92%*

REMAINING
CAP

15%

Buffer Level

9.1%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, IDEC is at +16.3% with 37 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.

✅ UPSIDE SCENARIO

The ETF has 0.92% remaining upside potential (after fees), having already captured 16.27% of the approximately 17.2% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 1.2 month timeframe requires near-term market cooperation. Annualized, this translates to 9.11% cap yield, representing 2.1x the current 4.35% T-Bill rate. This substantial premium compensates for the equity risk and cap limitation.

🛡️ DOWNSIDE PROTECTION

IDEC currently shows a downside before buffer of -14.85% (after fees). With the fund at +16.27% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 29.85% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

NDEC Detailed Analysis

37 Days Remaining

Until Outcome Period Reset

+12.71%

FUND RETURN

+21.06%

INDEX RETURN

-12.07%*

DOWNSIDE
BEFORE BUFFER

0.84%*

REMAINING
CAP

15%

Buffer Level

8.3%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, NDEC is at +12.7% with 37 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.

✅ UPSIDE SCENARIO

The ETF has 0.84% remaining upside potential (after fees), having already captured 12.71% of the approximately 13.5% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 1.2 month timeframe requires near-term market cooperation. Annualized, this translates to 8.29% cap yield, significantly exceeding the 4.35% T-Bill rate by 3.9 percentage points.

🛡️ DOWNSIDE PROTECTION

NDEC currently shows a downside before buffer of -12.07% (after fees). With the fund at +12.71% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 27.07% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

ZDEK Detailed Analysis

37 Days Remaining

Until Outcome Period Reset

+6.31%

FUND RETURN

+12.39%

INDEX RETURN

-6.72%*

DOWNSIDE
BEFORE BUFFER

0.59%*

REMAINING
CAP

100%

Buffer Level

5.8%

Cap Yield

4.3%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, ZDEK is at +6.3% with 37 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.

✅ UPSIDE SCENARIO

The ETF has 0.59% remaining upside potential (after fees), having already captured 6.31% of the approximately 6.9% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 1.2 month timeframe requires near-term market cooperation. Annualized, this translates to 5.82% cap yield, modestly outpacing the 4.35% T-Bill rate by 1.5 percentage points.

🛡️ 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

AJAN Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+13.48%

FUND RETURN

+42.51%

INDEX RETURN

-13.48%*

DOWNSIDE
BEFORE BUFFER

0.46%*

REMAINING
CAP

100%

Buffer Level

2.5%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, AJAN is at +13.5% with 68 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.

✅ UPSIDE SCENARIO

The ETF has 0.46% remaining upside potential (after fees), having already captured 13.48% of the approximately 13.9% total cap. This creates a 0.0:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 2.48% cap yield. Note that this is below the current 4.20% 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 calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

EJAN Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+13.19%

FUND RETURN

+31.76%

INDEX RETURN

-12.55%*

DOWNSIDE
BEFORE BUFFER

0.97%*

REMAINING
CAP

15%

Buffer Level

5.2%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, EJAN is at +13.2% with 68 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.

✅ UPSIDE SCENARIO

The ETF has 0.97% remaining upside potential (after fees), having already captured 13.19% of the approximately 14.2% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 5.23% cap yield, modestly outpacing the 4.20% T-Bill rate by 1.0 percentage points.

🛡️ DOWNSIDE PROTECTION

EJAN currently shows a downside before buffer of -12.55% (after fees). With the fund at +13.19% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 27.55% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

×

IJAN Detailed Analysis

68 Days Remaining

Until Outcome Period Reset

+17.41%

FUND RETURN

+25.70%

INDEX RETURN

-15.68%*

DOWNSIDE
BEFORE BUFFER

1.56%*

REMAINING
CAP

15%

Buffer Level

8.4%

Cap Yield

4.2%

T-Bill Rate

📋 POSITION SNAPSHOT

As of today, IJAN is at +17.4% with 68 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.

✅ UPSIDE SCENARIO

The ETF has 1.56% remaining upside potential (after fees), having already captured 17.41% of the approximately 19.0% total cap. This creates a 0.1:1 reward-to-risk ratio for the remaining period.The compressed 2.2 month timeframe requires near-term market cooperation. Annualized, this translates to 8.38% cap yield, significantly exceeding the 4.20% T-Bill rate by 4.2 percentage points.

🛡️ DOWNSIDE PROTECTION

IJAN currently shows a downside before buffer of -15.68% (after fees). With the fund at +17.41% and the full 15% buffer intact, you have 15.00% of protection remaining. The index would need to decline approximately 30.68% from current levels before the end of the buffer protection.

*Note: All calculations shown above have already been adjusted for fees. The remaining cap and downside values reflect the actual position after accounting for management expenses.

ETF Insights - October 24, 2025

Eric Cerrone

Defined Outcome ETF† Insights

Understanding Key Metrics

🎯 Near Starting Point - Prime Entry Opportunities

🛡️ 100% Principal Protection†

🔄 Dual Direction Entry† - Profit From Either Direction

🚀 Acceleration Zone - Enhanced Returns Available

NEAR THRESHOLD

NEAR MAXIMUM CAP

📈 Approaching Cap - Above Starting Level

Important Disclosures

Read more

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