At a glance
BDEC charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $217.7M in assets, the 8th largest of that group. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +17.7% a year. At its worst it fell 25.6% in the 2020 crash (S&P 500: 33.7%) and 16.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - December (BDEC) uses FLEX options on the SPDR S&P 500 ETF Trust to deliver S&P 500 returns up to a cap. It also offers a buffer against the first 9% of losses over each December-to-November outcome period. For the period ending November 30, 2026, the cap was 17.42% before fees. Its 0.79% expense ratio ties for the lowest among eight buffer funds compared. It is also the smallest of the eight.
Price history
The interactive chart needs JavaScript.
BDEC +12.6% 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 | |
|---|---|---|---|---|---|---|
| BDEC official prospectus, to Dec 31, 2024 | — | +14.87% | — | +10.89% | — | — |
| BDEC price data to Oct 27, 2026 | +11.2% | +12.6% | +17.7% | +10.1% | — | +11.3% |
- Over the year to Oct 27, 2026, BDEC returned +12.6%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +10.1%.
- In the 2020 COVID crash it fell 25.6% and regained its old high 4.5 months after the low.
- Its worst full calendar year was 2022 (-9.4%); its best was 2023 (+19.9%).
- The deepest fall in its price history was 25.6% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 6, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.2% | — |
| 2025 | +15.0% | +14.87% |
| 2024 | +12.7% | +12.60% |
| 2023 | +19.9% | +20.06% |
| 2022 | -9.4% | -9.26% |
| 2021 | +15.4% | +14.94% |
| 2020 | +13.4% | +13.57% |
| 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 | Lost 25.6% over that stretch · deepest drop along the way 25.6%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.3% over that stretch · deepest drop along the way 16.4%, back to its old high 8 months after the low |
What's inside
As of Jul 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 Jul 31, 2026, investors withdrew a net $38.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.26%, -0.28%, +0.47%.
How it works
BDEC does not own stocks directly. Instead it holds FLEX options, which are exchange-traded options with custom terms, on State Street's SPDR S&P 500 ETF Trust (SPY), a fund that tracks the S&P 500. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, four option positions made up nearly the whole portfolio, with 0.28% in cash. A call with a $6.85 strike price moves almost one-for-one with SPY. A bought put at $683.40 and a sold put at $621.88 create the buffer. A sold call at $802.46 sets the cap.
Each outcome period runs from December 1 to November 30. For the period that began December 1, 2025, the cap is 17.42% and the buffer covers the first 9% of SPY losses, both before fees. After the 0.79% fee, they work out to 16.63% and 8.21%. Holders bear losses beyond 9% one-for-one, so a 20% SPY drop would mean an 11% loss before fees. When the period ends, the options expire, and the fund buys new ones with a fresh cap.
These outcomes apply only to shareholders who hold for the entire period. Buying or selling mid-period can produce very different results. The fund is non-diversified and, through SPY, heavily exposed to information technology.
What it really costs
- BDEC charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BDEC | $81 | $252 | $439 | $978 |
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 keeps S&P 500 exposure but trades gains above a cap for a partial cushion against the first 9% of yearly losses.
BDEC could serve as a toned-down stock holding, but its cushion has limits. In the 2020 COVID crash it fell 25.6% between February 19 and March 23, 2020, because the decline went past the buffer. It recovered by August 6, 2020, about 4.5 months later. In the 2022 bear market it dropped 16.4% and did not recover until June 12, 2023. Its worst calendar year was 2022, at -9.26%. It launched in December 2019, so it has no 2008 record. Anyone who sells in a bad year before the period ends may get less protection than the buffer suggests. The fund recorded no distributions, so it provides no income. Under the SEC's $10,000 example, costs come to $81 after one year and $978 after ten. 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 S&P 500 exposure with a 9% buffer on losses and can buy near December 1 and hold through November 30.
- People willing to give up gains above the cap, 17.42% before fees for the period ending November 30, 2026, for a smoother ride.
- Cost-conscious buffer buyers: its 0.79% expense ratio ties for lowest among eight buffer funds compared, against a 0.86% average.
Look elsewhere if
- Anyone who needs income from a holding: the fund has recorded no distributions.
- Investors who want deep crash protection: losses beyond 9% pass through fully, as the 25.6% drop in early 2020 showed.
- Those who would rather not time purchases; laddered funds such as BUFR spread money across several outcome periods, though at 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BDEC this fund | 0.79% | $217.7M | +12.6% | +17.7% |
| 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
What is the BDEC cap and buffer?
For the outcome period from December 1, 2025, to November 30, 2026, BDEC's cap is 17.42% and its buffer covers the first 9% of losses in the SPDR S&P 500 ETF Trust, both before fees. After the 0.79% management fee, they are 16.63% and 8.21%. Holders bear losses beyond 9% one-for-one. A new cap is set when the next period begins on December 1.
Does BDEC pay dividends?
No. The fund has recorded no distributions. BDEC holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its returns are tied to the price moves the options track. Investors looking for a holding that pays regular income will not get it here and may want to compare dividend-paying stock or bond funds.
What happens if I buy BDEC in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to shareholders who hold from December 1 through November 30. If SPY has already risen, less room may remain below the cap. If it has fallen, part of the buffer may be used up, or you may be paying for protection that hasn't kicked in yet. Innovator's website posts updated figures daily.
BDEC vs FDEC: what's the difference?
Both are December-period S&P 500 buffer ETFs. The main differences are issuer and cost. BDEC, from Innovator, charges 0.79%. FDEC, from FT Vest, charges 0.85% and is much larger, with $1.31 billion in net assets as of August 31, 2026, compared with BDEC's $217.7 million as of July 31, 2026. As of October 27, 2026, FDEC returned 12.9% over one year and 18.5% a year over three years. BDEC returned 12.6% and 17.7%.
How has BDEC performed over time?
Its calendar-year returns, according to the prospectus, were 13.57% in 2020, 14.94% in 2021, -9.26% in 2022, 20.06% in 2023, 12.6% in 2024 and 14.87% in 2025. Based on price, it returned 12.6% over the year ending October 27, 2026, and 10.1% a year over five years. Its one-year beta of 0.7 means it moved less than the overall market.