YDEC uses options in an effort to moderate losses on iShares MSCI EAFE ETF over a one-year period starting each December. The fund uses a slightly different approach than using the MSCI EAFE Index flex options, what is gained in favorable tax treatment may be lost in higher expense. The fund foregoes some upside return on EFA, in exchange for preventing realization of the first 15% losses. Investors who buy at any other time than the annual reset day may have a very different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held to the end of the period to achieve the intended results. The targeted buffers and caps do not include the funds expense ratio. The fund is actively managed and uses flex options exclusively. Prior to December 15, 2023, the fund was called FT Cboe Vest International Equity Buffer ETF December, which provides buffer against the first 10% of EFAs losses.