At a glance
IDEC charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $42.6M in assets, the 8th largest of that group. Over the past year it returned +9.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF December (IDEC) uses FLEX options on the iShares MSCI EAFE ETF to track that fund's returns within set limits over a one-year outcome period that starts each December 1. For December 1, 2025 to November 30, 2026, it aimed to absorb the first 15% of losses and capped gains at 17.51%, before fees. Unlike most Power Buffer funds, which hold US stocks, it targets developed markets outside the US and Canada.
Price history
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IDEC +9.3% 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 | |
|---|---|---|---|---|---|---|
| IDEC official prospectus, to Dec 31, 2024 | — | +13.03% | — | — | — | — |
| IDEC price data to Oct 27, 2026 | +6.6% | +9.3% | — | — | — | +11.4% |
- Over the year to Oct 27, 2026, IDEC returned +9.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+2.5%); its best was 2025 (+21.8%).
- The deepest fall in its price history was 8.5% (Mar 19, 2025 to Apr 8, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.6% | — |
| 2025 | +21.8% | +21.90% |
| 2024 | +2.5% | +2.34% |
| 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 |
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 $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.78%, +0.77%, +1.40%.
How it works
IDEC does not pick stocks itself. Under normal conditions, it puts at least 80% of its net assets into investments linked to the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index, which holds large and mid-size companies in developed markets outside the US and Canada and weights each company by the value of its shares available to trade. As of July 31, 2026, IDEC held four FLEX options on that ETF plus 0.24% cash. FLEX options are exchange-traded options with custom strike prices and expiration dates. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
Together, the options set the outcome for one year. From December 1, 2025 to November 30, 2026, the fund capped gains at 17.51% before fees, or 16.66% after its 0.85% fee. Its buffer aimed to absorb the first 15% of losses, or 14.15% after the fee. Losses beyond that pass through one for one. If the underlying ETF fell 20%, the fund would lose about 5%. If it fell 50%, the fund would lose about 35%, before fees.
These outcomes apply only to shares held for the whole period, and they are measured on net asset value, not on market price. When a period ends, the options expire. The fund reinvests the cash in new options that expire about a year later and sets a new cap. The fund is classified as non-diversified.
What it really costs
- IDEC charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IDEC | $87 | $271 | $471 | $1,049 |
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 aims to cushion the first 15% of losses in overseas developed-market stocks, and in exchange it caps gains each year.
IDEC could add international stock exposure with a cushion against moderate losses. Its record is short. It launched December 1, 2023, so it was not around for the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2024, with a return of 2.34%. Its deepest drop was 8.5%, from March 19 to April 8, 2025, and it recovered by April 28, 2025. That was a mild test. The buffer resets each year, so a retiree who sells partway through a bad year may not get the full 15% of protection. Any losses beyond the buffer are passed through. The fund has recorded no distributions, so cash would have to come from selling shares. Its fee of 0.85% is close to the 0.86% peer average. 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 MSCI EAFE developed-market stocks with a 15% buffer and who can buy near December 1 and hold for the full year.
- Retirees willing to give up gains above a cap, which was 17.51% before fees for the period ending November 30, 2026, in exchange for a cushion against losses.
- People who don't need cash payouts from this holding, since the fund has recorded no distributions.
Look elsewhere if
- Income seekers: IDEC has recorded no distributions, so it provides no regular cash flow.
- Investors who buy partway through an outcome period or trade often, since the stated cap and buffer apply only to shares held for the full period.
- Those who prefer larger funds: IDEC had $42.6 million in net assets as of July 31, 2026, the smallest among the buffer funds it is compared with.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IDEC this fund | 0.85% | $42.6M | +9.3% | — |
| 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
Does IDEC pay dividends?
No distributions have been recorded for IDEC. The fund holds FLEX options on the iShares MSCI EAFE ETF instead of owning the stocks directly, so its return comes from changes in the value of those options. Investors who rely on a portfolio for regular cash would need to sell IDEC shares to raise money, or get income from other holdings.
How does the IDEC buffer work?
IDEC uses FLEX options to absorb the first 15% of losses in the iShares MSCI EAFE ETF over a one-year outcome period, before fees. For December 1, 2025 to November 30, 2026, the buffer was 14.15% after the 0.85% fee. In exchange, gains were capped at 17.51% before fees, or 16.66% after. Losses beyond 15% pass through one for one, so a 50% drop in the underlying ETF would mean about a 35% loss.
What happens if I buy IDEC in the middle of the outcome period?
Your results may be very different from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the period to the last. Depending on how the underlying ETF has moved, a buyer partway through may have less buffer left or less room to gain before the cap. Innovator's website, innovatoretfs.com/idec, updates these figures daily. At the end of each period, a new cap is set on the first day of the next one.
IDEC vs PDEC: what's the difference?
Both are Innovator Power Buffer funds whose outcome periods start in December. The difference is what they track: IDEC uses options on the iShares MSCI EAFE ETF, which holds developed-market stocks outside the US and Canada, while PDEC holds US stocks. PDEC costs less (0.79% a year versus 0.85%) and is much larger ($984 million versus $42.6 million as of July 31, 2026). As of October 27, 2026, PDEC returned 11.6% over one year and IDEC returned 9.3%.
What is IDEC's expense ratio?
IDEC's expense ratio is 0.85% a year, according to its prospectus filed February 27, 2026. All of it is the management fee. That is 3rd lowest of the 8 buffer funds it is compared with, and the peer average is 0.86%. In the SEC's standard example, someone who invests $10,000 and earns 5% a year would pay about $87 in the first year, $471 over five years and $1,049 over ten years.