Which has more room to gain, BDEC or ZDEK?

From their prices on Oct 2, 2026, BDEC can gain about 4.7% before its cap and ZDEK about 1.1%, so BDEC has more room left this period.

Which resets first, BDEC or ZDEK?

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

Which is cheaper, BDEC or ZDEK?

BDEC charges 0.79% a year and ZDEK charges 0.79%, so BDEC is cheaper. Fees come from each fund's prospectus.

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BDEC vs ZDEK: which one stands where?

As of Oct 2, 2026 BDEC can fall 11.0% before its buffer engages and ZDEK 5.4%. Innovator U.S. Equity Buffer ETF - Dec and Innovator Equity Defined Protection ETF - 1 Yr December.

their one-year returns differ by 7.9 points; BDEC is 2.0 times larger.

	BDEC	ZDEK
Expense ratio	0.79%	0.79%
Net assets	$214m	$108m
Total return, 1 year	+14.3%	+6.4%
What it tracks	SPY	SPY
Holdings in common	not published

11.0%

BDEC can fall this far before its buffer

5.4%

ZDEK can fall this far before its buffer

4.7%

BDEC can still gain

1.1%

ZDEK can still gain

BDECBetween buffer and cap

BDEC: reference +12.6% since period start, fund +11.5%; buffer 0 to −9; cap +17.4%; Between buffer and cap.

ZDEKAt its cap

ZDEK: reference +12.6% since period start, fund +5.0%; buffer Floor; cap +6.8%; At its cap.

These are two different products. ZDEK 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.

ZDEK 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, 59 days from now; ZDEK runs to Nov 30, 2026, 59 days. BDEC can still gain 4.7% before its cap, ZDEK 1.1%. A fall from here reaches BDEC’s buffer after 11.0% and ZDEK’s after 5.4%. 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

	Total return		Gap to the reference
Window	BDEC	ZDEK	BDEC	ZDEK
3 months	+3.4%	+1.8%	−0.2 pts	−1.8 pts
6 months	+13.7%	+4.8%	−4.3 pts	−13.2 pts
1 year	+14.3%	+6.4%	−1.9 pts	−9.8 pts
3 years	+58.7%	not published	−30.6 pts	not published

BDEC and ZDEK over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

ZDEK

Innovator Equity Defined Protection ETF - 1 Yr December · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Nov 30, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

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

Days left 59 59

Starting cap +17.4% +6.8%

Can still gain 4.7% 1.1%

Fall before buffer 11.0% 5.4%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.6% +12.6%

Fund return this period +11.5% +5.0%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $214m $108m

BDEC and ZDEK on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BDEC in plain words

From its price on Oct 2, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.2% 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. 59 days remained on Oct 2, 2026. On Nov 30, 2026 the period ends and a new cap is set.

ZDEK in plain words

SPY had already risen past this fund's cap of +6.8% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.1% as the period runs out. The fund's price can fall 5.4% 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

Which has more room to gain, BDEC or ZDEK?: From their prices on Oct 2, 2026, BDEC can gain about 4.7% before its cap and ZDEK about 1.1%, so BDEC has more room left this period.
Which resets first, BDEC or ZDEK?: BDEC ends its outcome period on Nov 30, 2026 and ZDEK on Nov 30, 2026. A new cap is set the day after each.
Which is cheaper, BDEC or ZDEK?: BDEC charges 0.79% a year and ZDEK charges 0.79%, so BDEC is cheaper. Fees come from each fund's prospectus.

Other comparisons

BDEC vs DECW BDEC vs DLNV BDEC vs DNOV BDEC vs FHDG ZDEK vs CPSD ZDEK vs CPSN ZDEK vs DDFD ZDEK vs DDTD

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

Where these figures came from

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

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BDEC against ZDEK, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bdec-vs-zdek

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.