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Launched

Innovator U.S. Equity Power Buffer ETF

PDECCboeInnovatorC

$46.94−0.15 (−0.32%)

At close: Nov 2, 2026, 4:00 PM ET

C47/ 100

Rank 24 of 61 in S&P 500 Buffer 15%

C47/100Rank 24 of 61inS&P 500 Buffer 15%
Intraday session: down, 78 prints from 47.09 to 46.94. Range 46.94 to 47.47. Use the arrow keys to read each point.47.0047.2047.3047.4047.5010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$977M
1Y total return
+10.7%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
21.9K sh
52W range
low $41.65high $47.63
Launched

The ETF.net PDEC Grade

Based on 4 of 6 pillars

C

Score 47 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
24 of 61
Six-pillar profile for PDEC. Scores out of 100: Cost 35, Risk 54, Mission not scored, Tradability 57, Holdings not scored, Durability 78. Strongest: Durability (78). Weakest: Cost (35). Based on 4 of 6 pillars.

Score 47 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 19 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 25 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A78 out of 100
    Rank 10 of 61

Our read on PDEC

ETF.net Research

In short

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

  • The 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
  • Set-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
  • Innovator 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

  • The 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
  • Buy 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
  • At 0.79% it sits right at the buffer-category median, and laddered rivals like PSFF (0.10%) and BUFP (0.50%) run cheaper.

PDEC Performance

Launched Dec 1, 2019

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

Not enough history yet.
PDEC$11,067
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PDEC $11,067. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+8.6%
1 month0.0%
3 months+1.9%
1 year+10.7%
3 yearsper year+14.2%
5 yearsper year+8.7%
10 yearsFund is under 10 years oldper yearNo data

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+8.6%
2025+12.9%
2024+9.5%
2023+17.4%
2022−5.9%
2021+9.6%
2020+8.5%

PDEC in the news

PDEC Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

PDEC Risk

Risk pillarC54 out of 100Rank 19 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
7.0%
Annualised · 36 months to Oct 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.
1.31
vs 3-month T-bills · to Oct 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.
0.52
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.

FMP measures it over up to five years of monthly returns.

PDEC Cost

Compare PDEC and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PDEC 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PDEC 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PDEC $15,174CAUG $6,149

Year by year

YearPDECCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

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