Which has more room to gain, BDEC or PDEC?

From their prices on Oct 9, 2026, BDEC can gain about 3.6% before its cap and PDEC about 1.8%, so BDEC has more room left this period.

Which resets first, BDEC or PDEC?

BDEC ends its outcome period on Nov 30, 2026 and PDEC on Nov 30, 2026. A new cap is set the day after each.

Which is cheaper, BDEC or PDEC?

BDEC and PDEC both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BDEC vs PDEC: Cap, Buffer & Days Left

As of Oct 9, 2026 BDEC can fall 11.8% before its buffer engages and PDEC 10.1%. Net assets on Oct 9, 2026: $216m for Innovator U.S. Equity Buffer ETF - Dec and $997m for Innovator U.S. Equity Power Buffer ETF - Dec.

Both cost 0.79% a year; their one-year returns differ by 2.3 points; PDEC is 4.6 times larger.

	BDEC	PDEC
Expense ratio	0.79%	0.79%
Net assets	$216m	$997m
Total return, 1 year	+15.2%	+12.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%

11.8%

BDEC can fall this far before its buffer

10.1%

PDEC can fall this far before its buffer

3.6%

BDEC can still gain

1.8%

PDEC can still gain

BDECBetween buffer and cap

BDEC: reference +13.9% since period start, fund +12.6%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 9, 2026.

PDECAt its cap

PDEC: reference +13.9% since period start, fund +10.4%; buffer 0 to −15; cap +13.1%; At its cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · PDEC scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BDEC 13.2

PDEC 27.6

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

PDEC is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BDEC resets first, on Nov 30, 2026, 52 days from now; PDEC runs to Nov 30, 2026, 52 days. BDEC can still gain 3.6% before its cap, PDEC 1.8%. A fall from here reaches BDEC’s buffer after 11.8% and PDEC’s after 10.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BDEC	PDEC	BDEC	PDEC
3 months	+3.5%	+3.0%	+0.4 pts	−0.1 pts
6 months	+11.9%	+9.2%	−2.7 pts	−5.4 pts
1 year	+15.2%	+12.9%	−0.8 pts	−3.1 pts
3 years	+56.4%	+45.4%	−22.7 pts	−33.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BDEC

Innovator U.S. Equity Buffer ETF - Dec · Absorbs the first 9% of loss on SPY and caps the gain at 17.4%, over a period ending Nov 30, 2026

PDEC

Innovator U.S. Equity Power Buffer ETF - Dec · Absorbs the first 15% of loss on SPY and caps the gain at 13.1%, over a period ending Nov 30, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Nov 30, 2025 to Nov 30, 2026 Nov 30, 2025 to Nov 30, 2026

Days left 52 52

Starting cap +17.4% +13.1%

Can still gain 3.6% 1.8%

Fall before buffer 11.8% 10.1%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +13.9% +13.9%

Fund return this period +12.6% +10.4%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $216m $997m

As of Oct 9, 2026. Source: ETFIQ.

BDEC in plain words

From its price on Oct 9, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 11.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 52 days remained on Oct 9, 2026. On Nov 30, 2026 the period ends and a new cap is set.

PDEC in plain words

SPY had already risen past this fund's cap of +13.1% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 10.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BDEC or PDEC?: From their prices on Oct 9, 2026, BDEC can gain about 3.6% before its cap and PDEC about 1.8%, so BDEC has more room left this period.
Which resets first, BDEC or PDEC?: BDEC ends its outcome period on Nov 30, 2026 and PDEC on Nov 30, 2026. A new cap is set the day after each.
Which is cheaper, BDEC or PDEC?: BDEC and PDEC both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BDEC vs FNOV BDEC vs DNOV BDEC vs SIXD BDEC vs GNOV PDEC vs UOCT PDEC vs UDEC PDEC vs UJUL PDEC vs BOCT

SPY →BDEC on its own →PDEC on its own →How every figure is computed →Standards and sources →

Where these figures came from

BDEC and PDEC filings on SEC EDGAR ↗Innovator page for BDEC ↗Innovator page for PDEC ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BDEC against PDEC, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bdec-vs-pdec

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.