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PDEC

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2019-12-01

$47.20−0.10 (−0.20%)

As of Sep 23, 2026, 2:18 PM EDT

Intraday session: down, 50 prints from 47.29 to 47.20. Range 47.16 to 47.33. Use the arrow keys to read each point.$47.15$47.25$47.3010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$988M
1Y return
+12.7%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$47.03
52W range
low $41.59high $47.32

The ETF.net PDEC Grade

C

47/ 100

Rank 22 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PDEC. Scores out of 100: Cost 35, Risk 48, Mission not scored, Tradability 63, Holdings not scored, Durability 79. Strongest: Durability (79). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 47 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 35
    Category rank37/61 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 48
    Category rank38/57 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 63
    Category rank15/61 · top 25%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 79
    Category rank11/61 · top 18%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PDEC

ETF.net Research

CThe December door into Innovator's buffer lineup: it tracks SPY up to a preset cap while absorbing the first 15% of losses. Running since 2019, it resets each December 1 and can be held indefinitely.

Stated mandate

The Fund seeks to track SPY’s return up to a predetermined cap and buffer investors against an initial portion of losses over the outcome period, before fees and expenses.

Why people hold it

  1. 01The cushion is thick: the first 15% of SPY's losses over the outcome period are absorbed before fees. Past that, losses land one for one.sec.gov
  2. 02Set-and-reset mechanics. The cap and 15% buffer refresh at the start of each December outcome period, and shares can be held straight through the rollover.innovatoretfs.com
  3. 03Innovator launched the first defined-outcome buffer ETFs, and this December vintage dates to 2019. It sits among the stronger builds in its buffer peer group.innovatoretfs.com

Worth knowing

  1. 01The cap is the rent you pay for the cushion. Upside above it is left on the table, and each December's cap is set by option pricing at the time.innovatoretfs.com
  2. 02Buy mid-period and your cap and remaining buffer differ from the headline terms. Shares also trade lightly, so the spread deserves a look.innovatoretfs.com
  3. 03At 0.79% it sits right at the buffer-category median, and laddered rivals like PSFF (0.10%) and BUFP (0.50%) run cheaper.

PDEC Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
103%
Largest holding
SPY 11/30/2026 6.83 C102.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 11/30/2026 6.83 C102.46%13,273$1.0B1
002—SPY 11/30/2026 683.39 P0.38%13,273$4M1
003—US BANK MMDA - USBGFS 9 09/01/20370.25%2,507,490$3M161

Showing 1–3 of 3 holdings

PDEC Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PDEC$11,273
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PDEC $11,273. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PDEC. Periods over one year show the average yearly return.
PeriodPDEC
Year to date+9.0%
1 month+1.1%
3 months+3.3%
1 year+12.7%
3 years+13.2%per year
5 years+9.0%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PDEC
YearReturn barPDEC
2026 YTD+9.0%
2025+12.9%
2024+9.5%
2023+17.4%
2022−5.9%
2021+9.6%
2020+8.5%

PDEC in the news

ETF.net Research hasn’t filed on PDEC yet — coverage lands here as it’s written.

PDEC Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

PDEC Risk

How much the fund’s monthly returns vary, scaled to a year.
7.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.87
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−11.5%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.51
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PDEC Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PDEC costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.