Data as of .
PDEC vs ZDEK: which one stands where?
As of Sep 21, 2026 PDEC can fall 9.4% 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. PDEC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PDEC resets first, on Nov 30, 2026, 70 days from now; ZDEK runs to Nov 30, 2026, 70 days. PDEC can still gain 2.6% before its cap, ZDEK 1.3%. A fall from here reaches PDEC’s buffer after 9.4% 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 | ||
|---|---|---|---|---|
| PDEC | ZDEK | PDEC | ZDEK | |
| 3 months | +2.5% | +1.5% | +0.2 pts | −0.7 pts |
| 6 months | +11.1% | +4.7% | −7.0 pts | −13.4 pts |
| 1 year | +12.5% | +6.5% | −4.1 pts | −10.1 pts |
| 3 years | +41.1% | not published | −37.3 pts | not published |
| 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 | 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 | 15% | 100% |
| Outcome period | Nov 30, 2025 to Nov 30, 2026 | Nov 30, 2025 to Nov 30, 2026 |
| Days left | 70 | 70 |
| Starting cap | +13.1% | +6.8% |
| Can still gain | 2.6% | 1.3% |
| Fall before buffer | 9.4% | 5.2% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +13.3% | +13.3% |
| Fund return this period | +9.6% | +4.8% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $988m | $109m |
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. In index terms, SPY can fall 11.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% 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, PDEC or ZDEK?
- From their prices on Sep 21, 2026, PDEC can gain about 2.6% before its cap and ZDEK about 1.3%, so PDEC has more room left this period.
- Which resets first, PDEC or ZDEK?
- PDEC 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, PDEC or ZDEK?
- PDEC charges 0.79% a year and ZDEK charges 0.79%, so PDEC 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, PDEC against ZDEK, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pdec-vs-zdek Free to use with attribution; the underlying files are at Open data.