At a glance
NDEC charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $61.7M in assets, the 8th largest of that group. Over the past year it returned +13.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - December (NDEC) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each one-year outcome period, the options aim to absorb the first 15% of losses in exchange for a cap on gains. For December 1, 2025 to November 30, 2026, the cap was 15.39% before fees. Its 0.79% expense ratio is below the 0.86% average for similar buffer funds, but it is the smallest fund in that group.
Price history
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NDEC +13.0% 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 | |
|---|---|---|---|---|---|---|
| NDEC official prospectus, to Dec 31, 2024 | — | +13.60% | — | — | — | +12.93% |
| NDEC price data to Oct 27, 2026 | +11.8% | +13.0% | — | — | — | +13.4% |
- Over the year to Oct 27, 2026, NDEC returned +13.0%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.7%); its best was 2025 (+13.7%).
- The deepest fall in its price history was 13% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +13.7% | +13.60% |
| 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 $20.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.26%, +0.07%, -1.07%.
How it works
Innovator built NDEC around one other fund: the Invesco QQQ Trust, Series 1 (QQQ), which tracks the Nasdaq-100 Index of the largest nonfinancial companies on the Nasdaq Stock Market. NDEC gets that exposure mainly through FLEX Options on QQQ. These are exchange-traded contracts to buy or sell QQQ at a set price by a set date, with customized terms. As of July 31, 2026, four QQQ option positions made up 99.74% of net assets, with 0.33% in cash.
The options aim for set results over an outcome period from December 1, 2025 to November 30, 2026. The fund seeks to absorb the first 15% of QQQ losses (the buffer). Losses beyond that pass through one for one, so a 20% QQQ drop would mean a 5% fund loss before fees. In exchange, gains are capped at 15.39% before fees. After the 0.79% annual management fee, the cap is 14.60% and the buffer is 14.21%.
These results apply only to shares held for the whole period, measured by net asset value (the per-share value of the fund's holdings) rather than market price. Buying or selling mid-period can produce very different returns. At period end, the fund cashes out the options and buys a new set expiring about a year later, with a new cap.
What it really costs
- NDEC 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 |
|---|---|---|---|---|
| NDEC | $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 offers Nasdaq-100 exposure with a 15% loss buffer and capped gains, so it should swing less than the index, though it still carries stock-market risk.
NDEC lets an investor keep exposure to large Nasdaq companies with smaller swings. As of October 27, 2026, its one-year volatility was 8.2% and its beta was 0.58. Beta measures how much a fund tends to move when the market moves. The track record is short. The fund started in December 2024, so it was not around for the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 13.6%. Its deepest drop was 13%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. That drop shows the buffer does not shield anyone who has to sell partway through a period.
The fund has paid no distributions, so drawing income would mean selling shares. In the SEC's standard $10,000 example, costs come to $81 after one year and $978 after ten. Past results don't predict future ones, 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 Nasdaq-100 exposure through QQQ with the first 15% of losses buffered, and who accept gains capped at 15.39% before fees.
- Buyers who can buy near December 1 and hold through November 30, the only way to get the full stated buffer and cap.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio matches PDEC and is below FDEC's 0.85% and BUFR's 0.95%.
Look elsewhere if
- Investors who need regular income: the fund has recorded no distributions, so cash would have to come from selling shares.
- Those who want protection in a deep crash: losses beyond 15% pass through in full, so a 50% QQQ drop means about 35% before fees.
- Investors who prefer larger funds: at about $61.7 million as of July 31, 2026, it is the smallest of eight similar buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NDEC this fund | 0.79% | $61.7M | +13.0% | — |
| 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 NDEC good for retirement?
It can play a defensive role, but it has limits. NDEC aims to absorb the first 15% of QQQ losses each outcome period, and its one-year volatility was 8.2% as of October 27, 2026. It pays no distributions, and gains are capped. Its history only goes back to December 2024. Its deepest drop so far was 13%, from February 19 to April 8, 2025. That drop shows that shares sold partway through a period can still lose money.
How does the NDEC buffer work?
NDEC holds FLEX options on the Invesco QQQ Trust. The options aim to absorb the first 15% of QQQ's price losses over a one-year outcome period. For December 1, 2025 to November 30, 2026, the buffer was 14.21% after fees, and gains were capped at 15.39% before fees, or 14.60% after. Losses beyond 15% pass through in full. In the prospectus example, a 20% QQQ drop leaves the fund down 5% before fees.
What happens if I buy NDEC in the middle of the outcome period?
Your results may differ from the stated buffer and cap. The outcomes apply only to shares held from the first day of the period to the last. A mid-period buyer may have less buffer left, or less room before hitting the cap, depending on how QQQ has moved. Innovator posts updated figures daily at innovatoretfs.com/ndec. Gaps between the fund's market price and its net asset value can also change results.
Does NDEC pay dividends?
No distributions have been recorded for NDEC. The fund holds options on QQQ, not the Nasdaq-100 stocks themselves. Its returns come from changes in the value of those options over each outcome period. An investor who wants cash from the fund would need to sell shares. Selling before the period ends can also produce results that differ from the stated buffer and cap.
What's the difference between NDEC and PDEC?
The main difference is what each fund tracks. Both are Innovator Power Buffer ETFs with a December outcome period and a 0.79% expense ratio. NDEC is built on QQQ and the Nasdaq-100 Index. PDEC is Innovator's U.S. Equity version. PDEC is much larger, with about $984 million in net assets against NDEC's $61.7 million as of July 31, 2026. One-year returns as of October 27, 2026 were 13% for NDEC and 11.6% for PDEC.