Data as of .
BDEC vs PDEC: which one stands where?
As of Sep 21, 2026 BDEC can fall 11.2% before its buffer engages and PDEC 9.4%.
ETFIQ Downside Cover Score: PDEC scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
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, 70 days from now; PDEC runs to Nov 30, 2026, 70 days. BDEC can still gain 4.4% before its cap, PDEC 2.6%. A fall from here reaches BDEC’s buffer after 11.2% and PDEC’s after 9.4%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BDEC | PDEC | BDEC | PDEC | |
| 3 months | +2.4% | +2.5% | +0.2 pts | +0.2 pts |
| 6 months | +13.7% | +11.1% | −4.3 pts | −7.0 pts |
| 1 year | +14.4% | +12.5% | −2.2 pts | −4.1 pts |
| 3 years | +50.9% | +41.1% | −27.5 pts | −37.3 pts |
| 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 | 70 | 70 |
| Starting cap | +17.4% | +13.1% |
| Can still gain | 4.4% | 2.6% |
| Fall before buffer | 11.2% | 9.4% |
| Protection left, index points | 9.0% of 9.0% | 15.0% of 15.0% |
| Index return this period | +13.3% | +13.3% |
| Fund return this period | +11.8% | +9.6% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $213m | $988m |
BDEC in plain words
From its price on Sep 21, 2026, the fund can gain about 4.4% more before it reaches its cap. The fund's price can fall 11.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.7% 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. 70 days remained on Sep 21, 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 Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 9.4% 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 Sep 21, 2026, BDEC can gain about 4.4% before its cap and PDEC about 2.6%, 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 charges 0.79% a year and PDEC charges 0.79%, so BDEC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BDEC against PDEC, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bdec-vs-pdec Free to use with attribution; the underlying files are at Open data.