At a glance
DECP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $28.8M in assets, the 8th largest of that group; it paid 1.93% of its price in distributions over the past 12 months, annual. Over the past year it returned +15.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - December (DECP), from Prudential, holds customized options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each December-to-November period, it aims to absorb the first 12% of SPY's price losses in exchange for capped gains (14.82% for the period ending November 30, 2026, both before fees). Its 0.50% expense ratio is lower than seven similar buffer ETFs (0.79%–0.95%), but it is also the smallest.
Price history
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DECP +15.1% 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 | |
|---|---|---|---|---|---|---|
| DECP official prospectus, to Dec 31, 2025 | — | +14.58% | — | — | — | +12.94% |
| DECP price data to Oct 27, 2026 | +13.0% | +15.1% | — | — | — | +14.9% |
- Over the year to Oct 27, 2026, DECP returned +15.1%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+17.2%); its best was 2025 (+17.2%).
- The deepest fall in its price history was 12.1% (Feb 19, 2025 to Apr 8, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.0% | — |
| 2025 | +17.2% | +14.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6500 | |
| 2025 | $0.5500 |
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 $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.71%, -0.08%, +0.60%.
How it works
DECP is an actively managed ETF that owns no stocks. It invests substantially all of its assets in FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding S&P 500 Index stocks. FLEX options are customizable, exchange-listed contracts whose value moves with SPY's price, guaranteed by the Options Clearing Corporation.
For the one-year outcome period from December 1, 2025, through November 30, 2026, the fund sought to match SPY's price gains up to a 14.82% cap and to absorb the first 12% of SPY's price losses, both before fees. After the 0.50% fee, those become 14.32% and 11.5%. Beyond a 12% drop, losses pass through one for one: a 25% SPY fall would mean about a 13% fund loss before fees. Returns exclude SPY's dividends.
The targets apply only to holders who stay for the whole period, because the options can be exercised only at the end; anyone entering mid-period faces a different remaining cap and buffer. Each new period brings fresh options: the 12% buffer stays, but the cap resets with market conditions. As of July 31, 2026, 99.3% of assets were in eight SPY option positions, including puts (options that gain when SPY falls) set at SPY prices of $683.39 and $601.38, 12% apart, which create the buffer.
What it really costs
- DECP charges 0.5% 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 $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DECP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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 offers S&P 500 price exposure with a cushion against the first 12% of SPY losses over each December-to-November period, in exchange for capped gains.
DECP launched May 24, 2024, so its record misses the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 14.58%. Its deepest drop, 12.1% from February 19 to April 8, 2025, was recovered by May 19, about 1.3 months later. That drop happened even with the 12% buffer, which is measured only at each period's end. Anyone cashing out mid-period in a falling market could get less protection than the label implies.
Income is modest: the fund pays once a year, and its 12-month yield was 1.93% as of October 27, 2026; returns exclude SPY's dividends. Its 0.50% expense ratio is below the 0.86% average of similar buffer funds; in the SEC's standard $10,000 example, costs total $51 after one year and $628 after 10 years. Past results don't predict future ones, and a plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a 12% cushion against SPY losses and can stay invested for full December-to-November periods.
- Cost-conscious buffer investors: its 0.50% expense ratio is the lowest of eight similar funds compared, versus a 0.86% average for the others.
- People who accept capped gains for smaller swings: as of October 27, 2026, it moved about two-thirds as much as the market (beta 0.66).
Look elsewhere if
- Anyone likely to need cash mid-period: the 12% buffer and the cap apply only to shares held for an entire outcome period.
- Investors wanting full crash protection or uncapped gains: losses beyond 12% pass through one for one, and gains stop at the cap.
- Those who prefer larger, more established funds: at $28.8 million as of July 31, 2026, DECP was the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DECP this fund | 0.5% | $28.8M | +15.1% | — |
| 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
Is DECP good for retirement?
It may suit retirees who want S&P 500 exposure with a cushion, but it comes with trade-offs. DECP aims to absorb the first 12% of SPY's price losses over each December-to-November period, in exchange for capped gains. The protection applies only to shares held for the whole period, losses beyond 12% pass through, and returns exclude dividends. Its record is short: it launched May 24, 2024, and its only full calendar year, 2025, returned 14.58%.
What is DECP's upside cap?
DECP's cap was 14.82% before fees for the outcome period from December 1, 2025, through November 30, 2026, or 14.32% after its 0.50% management fee. That is roughly the most a full-period holder could gain, however far SPY rose. A new cap is set at the start of each period based on market conditions, so it is likely to change, while the 12% buffer stays the same.
Can you lose money in DECP?
Yes. The buffer covers only the first 12% of SPY's price losses over a full outcome period, before fees; after the management fee, it's 11.5%. Beyond that, losses pass through one for one: if SPY fell 25%, DECP would be expected to lose about 13% before fees. The fund offers no principal protection, and shares can fall mid-period, as in its 12.1% drop from February 19 to April 8, 2025.
Does DECP pay dividends?
Yes, but only once a year, and it does not pass along SPY's dividends. Over the 12 months to October 27, 2026, DECP paid $0.65 a share, a 1.93% yield. Because the fund holds options rather than SPY shares, its returns follow SPY's price only and exclude the dividends paid by S&P 500 companies. Its stated objective centers on price return, not income.
DECP vs FDEC: what's the difference?
Both are December-series buffer ETFs, but DECP is cheaper and far smaller. DECP charges 0.50% a year versus 0.85% for FT Vest US Equity Buffer ETF - December (FDEC). FDEC had about $1.31 billion in net assets as of August 31, 2026, against DECP's $28.8 million as of July 31, 2026. In the year to October 27, 2026, DECP returned 15.1% and FDEC 12.9%. Their buffer and cap levels may differ, so those terms are worth comparing side by side.