At a glance
PDEC charges 0.79% a year, below the 0.87% average of the 7 funds most like it (the cheapest of 8). It has $984.1M in assets, the 8th largest of that group. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +14.9% a year. At its worst it fell 11.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Power Buffer ETF - December (PDEC) uses FLEX options (exchange-listed options with custom terms) on the SPDR S&P 500 ETF Trust. The goal is to match that fund's gains up to a cap and absorb the first 15% of its losses over each December-to-November outcome period. For the period ending November 30, 2026, the cap was 13.14% before fees. Its 0.79% expense ratio was the lowest of eight buffer funds compared.
Price history
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PDEC +11.6% 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 | |
|---|---|---|---|---|---|---|
| PDEC official prospectus, to Dec 31, 2024 | — | +13.04% | — | +8.50% | — | — |
| PDEC price data to Oct 27, 2026 | +9.6% | +11.6% | +14.9% | +9.0% | — | +9.7% |
- Over the year to Oct 27, 2026, PDEC returned +11.6%, 4th of 8 among similar funds.
- Its 5-year annualized return was +9.0%.
- Its worst full calendar year was 2022 (-6.0%); its best was 2023 (+17.4%).
- The deepest fall in its price history was 11.5% (Jan 3, 2022 to Jun 16, 2022), recovered by May 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +12.9% | +13.04% |
| 2024 | +9.5% | +9.29% |
| 2023 | +17.4% | +17.89% |
| 2022 | -6.0% | -6.13% |
| 2021 | +9.6% | +9.64% |
| 2020 | — | +8.24% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.7% over that stretch · deepest drop along the way 11.5%, back to its old high 11 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 $68.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.29%, -0.04%, +0.61%.
How it works
PDEC does not pick stocks. It invests at least 80% of its net assets in positions tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. It does this with FLEX options, which are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, four FLEX options on SPY expiring in November made up nearly all of its $984 million in net assets. A deep in-the-money call worth about 101% of assets copies SPY's price moves. A bought put at $683.39 and a sold put at $580.88 together create the buffer. A sold call at $773.20 sets the cap. Cash was 0.28%.
Here is how the outcome period from December 1, 2025 to November 30, 2026 works. If SPY rises, the fund gains up to 13.14% before fees, or 12.35% after its 0.79% fee. If SPY falls 15% or less, the fund aims to finish flat; after fees, the buffer is 14.21%. Losses beyond 15% pass through one for one. For example, a 20% SPY drop means about a 5% fund loss before fees.
These results apply only to shares held for the whole period. At the end of each period, the options settle in cash and the fund buys new one-year options with a new cap. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
What it really costs
- PDEC charges 0.79% a year, versus an average of 0.87% 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 |
|---|---|---|---|---|
| PDEC | $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
PDEC trades part of the S&P 500's upside for a cushion against the first 15% of losses, so it's aimed at softer drops rather than growth or income.
PDEC launched in December 2019, so it has no 2008 history. Its worst quarter was an 11.03% loss in the first three months of 2020, during the COVID crash. In the 2022 bear market, its price fell 11.5% from January 3 to June 16, 2022, and took 11 months to recover, by May 18, 2023. Its worst calendar year, 2022, was a 6.13% loss. The fund recorded no distributions, so drawing income means selling shares. The buffer fully applies only to shares held from December 1 through November 30. Costs are 0.79% a year. In the SEC's standard example, that comes to about $81 in the first year and $978 over ten years on $10,000. 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 willing to give up S&P 500 gains above a 13.14% cap (before fees) in exchange for a cushion against the first 15% of losses.
- People who can buy near December 1 and hold through November 30, when the stated buffer and cap fully apply.
- Those comparing buffer funds on cost: its 0.79% expense ratio ranked lowest of eight similar funds, against a 0.87% average.
Look elsewhere if
- Investors seeking regular income: PDEC recorded no distributions, so withdrawals require selling shares.
- Those wanting full stock market gains in strong years: returns above the cap are given up, and its three-year return ranked 6th of 8 peers.
- People who need protection from deep crashes: per the prospectus, a 50% drop in SPY would mean about a 35% fund loss before fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PDEC this fund | 0.79% | $984.1M | +11.6% | +14.9% |
| 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% |
| 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% |
| FJUL FT Vest U.S. Equity Buffer ETF - July | 0.85% | $1.29B | +11.2% | +18.2% |
Questions investors ask
Is PDEC good for retirement?
It depends on the role it plays. PDEC may suit retirees who want S&P 500 exposure with a cushion against moderate drops. In the 2022 bear market, its price fell 11.5% at the low and recovered by May 18, 2023, about 11 months later. Its worst calendar year was 2022, a 6.13% loss. The trade-offs: gains are capped, it recorded no distributions, and it charges 0.79% a year.
How does the PDEC buffer work?
PDEC uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to absorb the first 15% of SPY's price decline over each outcome period, before fees. After its 0.79% fee, the buffer is 14.21%. Losses beyond 15% pass through one for one. Per the prospectus, a 20% SPY drop means about a 5% fund loss before fees. In return, gains are capped: 13.14% before fees for December 1, 2025 to November 30, 2026.
Does PDEC pay dividends?
No. PDEC recorded no distributions. Its returns come from changes in the value of its FLEX options on the SPDR S&P 500 ETF Trust, which are tied to SPY's share price. Anyone using it for withdrawals would need to sell shares. Selling before an outcome period ends on November 30 can produce results that differ from the stated buffer and cap. Dividend-paying stock or bond funds are worth comparing for regular income.
What's the difference between PDEC and PJAN?
Mainly the start date. Both are Innovator U.S. Equity Power Buffer ETFs that use options on the S&P 500, and both charge 0.79%. PDEC's one-year outcome period starts each December and PJAN's starts in January, and each sets its own cap when its period begins. As of October 27, 2026, PDEC returned 11.6% over one year and 14.9% a year over three years. PJAN returned 10.5% and 14.8%. PJAN is larger: about $1.4 billion in net assets versus $984 million as of July 31, 2026.
What happens if I buy PDEC in the middle of the year?
Your results may not match the stated buffer and cap. The 15% buffer and 13.14% cap apply only to shares held from December 1, 2025 through November 30, 2026. Someone who buys after the fund has risen may have little upside left before the cap. They may also take losses before the buffer starts working. Innovator's site, innovatoretfs.com/pdec, updates the remaining buffer and cap daily. Each December 1, a new outcome period begins with a newly set cap.