At a glance
ZDEK charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $112.2M in assets, the 8th largest of that group. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to aim for S&P 500 gains up to a 6.85% cap, before fees. It also seeks to buffer, or absorb, 100% of SPY's losses from December 1, 2025 to November 30, 2026. Its 0.79% expense ratio ties for the lowest among similar buffer funds, but its upside is much tighter than theirs.
Price history
The interactive chart needs JavaScript.
ZDEK +6.1% 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 | |
|---|---|---|---|---|---|---|
| ZDEK official prospectus, to Dec 31, 2024 | — | +7.83% | — | — | — | +6.95% |
| ZDEK price data to Oct 27, 2026 | +4.9% | +6.1% | — | — | — | +6.5% |
- Over the year to Oct 27, 2026, ZDEK returned +6.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 3.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.9% | — |
| 2025 | +7.8% | +7.83% |
| 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 $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.86%, +0.10%, +0.56%.
How it works
ZDEK does not pick stocks. At least 80% of its net assets go into investments tied to SPY, an ETF that tracks the S&P 500 Index. It gets that exposure through FLEX Options. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, the fund held three option positions on SPY. A call with a very low strike made up about 104.5% of net assets and acts much like owning SPY. A put with a 683.42 strike, about 1.3%, provides the downside protection. A sold call at 730.26, about -6.0%, sets the cap. Cash was 0.26%.
Each outcome period lasts about one year. For December 1, 2025 to November 30, 2026, the cap is 6.85% before fees and 6.06% after the 0.79% management fee. The buffer seeks to protect against 100% of SPY's losses, or 99.21% after the fee. When the period ends, the options settle in cash. The fund then buys a new set expiring about a year later, and a new cap is set on the first day.
These outcomes apply only to shareholders who hold for the entire period, and they are measured on net asset value (NAV), not market price. Buying after the start or selling early can give very different results. The fund's website posts updated figures daily. Innovator is the adviser and Milliman is the sub-adviser. The fund is non-diversified, and the prospectus says the outcomes are not guaranteed.
What it really costs
- ZDEK 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 |
|---|---|---|---|---|
| ZDEK | $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 trades nearly all of the stock market's upside for a buffer meant to absorb SPY's losses over each one-year outcome period.
ZDEK's history is too short to show how it holds up in a crash. It launched on December 2, 2024, so it missed 2008, 2020 and 2022. Its deepest drop was 3.4%, from February 19 to April 8, 2025. It recovered by June 6, 2025, about 1.9 months later. That drop is a reminder that the buffer applies at the end of the outcome period, not day to day. Someone who has to sell shares partway through a bad stretch could get less than the buffer suggests. Its only full calendar year, 2025, returned 7.83%, according to the prospectus. The fund has made no distributions, so it does not provide income. On the SEC's standard $10,000 example, costs are $81 after one year and $978 after 10 years. Past results don't predict future ones, and a plan should weigh 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 100% buffer before fees and accept gains capped at 6.85% for December 2025 through November 2026.
- People who can buy near December 1 and hold for the full outcome period, which is when the stated cap and buffer apply.
- Buffer-fund shoppers focused on cost: its 0.79% expense ratio ties for the lowest among similar funds, which average 0.86%.
Look elsewhere if
- Investors who need income: the fund has made no distributions, so it pays no dividends.
- Those who want more upside: its 6.1% one-year return through October 27, 2026 trailed every similar buffer fund, including FDEC's 12.9%.
- Anyone wanting a long track record or a larger fund: it launched in December 2024 and had $112 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZDEK this fund | 0.79% | $112.2M | +6.1% | — |
| 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
Can you lose money in ZDEK?
Yes. The fund seeks to buffer 100% of SPY's losses over each outcome period, but only before fees. After its 0.79% fee, the net buffer is 99.21%, and the prospectus says success is not guaranteed. The buffer applies only to shareholders who hold for the full period, measured on NAV. Prices still move along the way. The fund fell 3.4% between February 19 and April 8, 2025, before recovering by June 6, 2025.
What is the upside cap on ZDEK?
For the outcome period from December 1, 2025 to November 30, 2026, the cap is 6.85% before fees and 6.06% after the 0.79% management fee. If SPY gains more than that, the fund's return still stops at the cap. If SPY gains less, the fund aims to match it. A new cap is set on the first day of each new outcome period, so it can be higher or lower than this one.
Does ZDEK pay dividends?
No. The fund has made no distributions, so it has no yield to report. ZDEK holds FLEX options on SPY rather than owning the S&P 500 stocks directly, and its returns come from changes in the value of those options. Investors who need regular cash from their holdings would have to sell shares, and selling partway through an outcome period can mean results that differ from the stated buffer and cap.
ZDEK vs PDEC: what's the difference?
Both are Innovator buffer ETFs with December outcome periods, and both charge 0.79%. ZDEK seeks to buffer 100% of SPY's losses but caps gains at 6.85% before fees. PDEC is Innovator's U.S. Equity Power Buffer ETF, and its own prospectus gives its buffer and cap. As of October 27, 2026, PDEC returned 11.6% over one year versus 6.1% for ZDEK. As of July 31, 2026, PDEC had $984 million in net assets versus $112 million for ZDEK.
What happens if I buy ZDEK in the middle of the outcome period?
Your results may be very different from the stated 6.85% cap and 100% buffer. Those figures assume shares are bought when the period starts and held until it ends. Someone who buys after the fund has gained may have less room left before the cap. Someone who buys after it has fallen may face a different level of protection. The fund's website, innovatoretfs.com/zdek, updates the remaining outcomes every day during the period.