BDEC vs PMDE: Cap, Buffer & Days Left
As of Oct 9, 2026 BDEC can fall 11.8% before its buffer engages and PMDE 5.6%. Net assets on Oct 9, 2026: $216m for Innovator U.S. Equity Buffer ETF - Dec and $9m for PGIM S&P 500 Max Buffer ETF - December.
PMDE costs 0.29 points a year less; BDEC is far larger, $216m against $9m.
| BDEC | PMDE | |
|---|---|---|
| Expense ratio | 0.79% | 0.50% |
| Net assets | $216m | $9m |
| Total return, 1 year | +15.2% | not published |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 12.2% | |
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.
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.
PMDE: reference +13.9% since period start, fund +5.4%; buffer Floor; cap +7.0%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
These are two different products. PMDE is a floor fund, which caps how far a holder can fall. BDEC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PMDE is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
BDEC resets first, on Nov 30, 2026, 52 days from now; PMDE runs to Nov 30, 2026, 52 days. BDEC can still gain 3.6% before its cap, PMDE 1.0%. A fall from here reaches BDEC’s buffer after 11.8% and PMDE’s after 5.6%. 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 | PMDE | BDEC | PMDE |
| 3 months | +3.5% | +1.8% | +0.4 pts | −1.3 pts |
| 6 months | +11.9% | +4.3% | −2.7 pts | −10.3 pts |
| 1 year | +15.2% | not published | −0.8 pts | not published |
| 3 years | +56.4% | not published | −22.7 pts | not published |
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
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.
PMDE in plain words
SPY had already risen past this fund's cap of +7.0% 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 1.0% as the period runs out. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
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.
ETFIQ, BDEC against PMDE, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bdec-vs-pmde
ETFIQ. (Oct 9, 2026). BDEC against PMDE. Retrieved from https://etfiq.com/compare/buffer/bdec-vs-pmde
[BDEC against PMDE (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/bdec-vs-pmde)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.