Data as of .
PBDE vs ZDEK: which one stands where?
As of Sep 21, 2026 PBDE can fall 8.2% before its buffer engages and ZDEK 5.2%.
These are two different products. ZDEK is a floor fund, which caps how far a holder can fall. PBDE is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
PBDE resets first, on Nov 30, 2026, 70 days from now; ZDEK runs to Nov 30, 2026, 70 days. PBDE can still gain 2.0% before its cap, ZDEK 1.3%. A fall from here reaches PBDE’s buffer after 8.2% and ZDEK’s after 5.2%. 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 | ||
|---|---|---|---|---|
| PBDE | ZDEK | PBDE | ZDEK | |
| 3 months | +2.4% | +1.5% | +0.1 pts | −0.7 pts |
| 6 months | +9.4% | +4.7% | −8.7 pts | −13.4 pts |
| 1 year | +11.0% | +6.5% | −5.6 pts | −10.1 pts |
| PBDE PGIM S&P 500 Buffer 20 ETF - December Absorbs the first 20% of loss on SPY and caps the gain at 11.1%, 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 | PGIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 20% | 100% |
| Outcome period | Dec 1, 2025 to Nov 30, 2026 | Nov 30, 2025 to Nov 30, 2026 |
| Days left | 70 | 70 |
| Starting cap | +11.1% | +6.8% |
| Can still gain | 2.0% | 1.3% |
| Fall before buffer | 8.2% | 5.2% |
| Protection left, index points | 20.0% of 20.0% | 100.0% of 100.0% |
| Index return this period | +13.2% | +13.3% |
| Fund return this period | +8.4% | +4.8% |
| State today | At cap | At cap |
| Expense ratio | 0.50% | 0.79% |
| Net assets | $38m | $109m |
PBDE in plain words
SPY had already risen past this fund's cap of +11.1% 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 2.0% as the period runs out. The fund's price can fall 8.2% 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: 20.0% of the 20.0% 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.
ZDEK in plain words
SPY had already risen past this fund's cap of +6.8% 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 1.3% as the period runs out. The fund's price can fall 5.2% 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, PBDE or ZDEK?
- From their prices on Sep 21, 2026, PBDE can gain about 2.0% before its cap and ZDEK about 1.3%, so PBDE has more room left this period.
- Which resets first, PBDE or ZDEK?
- PBDE 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, PBDE or ZDEK?
- PBDE charges 0.50% a year and ZDEK charges 0.79%, so PBDE 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, PBDE against ZDEK, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pbde-vs-zdek Free to use with attribution; the underlying files are at Open data.