AUGP vs BDEC: Grades, Fees and Holdings Compared

PGIM S&P 500 Buffer 12 ETF - August

AUGPBCboe

Innovator U.S. Equity Buffer ETF

BDECCCboe

Overlap

0.0%by weight

Expense ratio

AUGP −0.29pt a year

AUGP0.50%BDEC0.79%

Avg volume · 30D

AUGP 1.1×the volume

AUGP7.43KBDEC6.53K

AUGP vs BDEC Performance

Nov 7, 2025 – Nov 9, 2026

+10.8%AUGP+11.8%BDEC

Expense ratio: AUGP 0.50%, better; BDEC 0.79%
Fund size: AUGP $38M; BDEC $206M
1Y total return: AUGP +10.8%; BDEC +11.8%, better
Holdings: AUGP 4; BDEC 3
Avg volume (30D): AUGP 7.43K sh, better; BDEC 6.53K sh
NAV per share: AUGP $33.29; BDEC $52.91
52W range

ETF.net Grade

Pillar letters and Scores for AUGP, BDEC, with each pillar’s weight
Pillar	AUGP	BDEC
Cost30% weight	A91Higher	C40
Mission25% weight	Not scored	Not scored
Risk15% weight	B69Higher	D37
Tradability15% weight	D25	B59Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	D39	B69Higher

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›

Same Category. AUGP and BDEC are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds

See all 77 ›

AUGP ranks 2nd and BDEC 47th of 77 funds in the S&P 500 Buffer 9-12% Category.

Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 76
Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 66
Rank 2BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 66
Rank 43CFSEPFT Vest U.S. Equity Buffer ETF - SeptemberScore 46
Rank 47CBDECInnovator U.S. Equity Buffer ETFScore 45
Rank 47CFMAYFT Vest U.S. Equity Buffer ETF - MayScore 45

Our read on each fund

ETF.net Research

AUGPBPGIM S&P 500 Buffer 12 ETF - August

BDECCInnovator U.S. Equity Buffer ETF

In short

AUGP No data

BDEC Innovator invented the buffer ETF, and BDEC is the December door into that lineup: SPY's price moves with the first 9% of losses absorbed, the upside capped, and the whole deal reset every December 1.

Stated mandate

AUGP No data

BDEC The Fund uses a defined-outcome strategy intended to replicate its underlying ETF over an approximately one-year period, subject to a capped upside and protection against the first 9% of losses.

Why people hold it

AUGP No data

BDEC The terms are written down before you commit: 9% of the reference ETF's price losses absorbed (before the 0.79% fee) over a roughly one-year period, with the new cap published each December 1.sec.gov
At 0.79% the fee sits at the category median, and it undercuts the dated buffer funds built on the same reference (FDEC, FJUL, FMAR and siblings at 0.85%).
One rung in a twelve-month series from the shop that listed the first defined-outcome ETFs in 2018. BDEC has been running its December reset since 2019.globenewswire.com

Worth knowing

AUGP No data

BDEC Timing is the whole game. The buffer and cap are built for holders from the first day of the outcome period to the last; buy mid-period and your actual terms differ from the headline ones.sec.gov
You get SPY's price return, not its dividends: the fund's options don't collect them, so income isn't part of the design.sec.gov
Trading is thin for a fund of this size, so limit orders and a look at the spread earn their keep.

Full AUGP profile⁠

Full BDEC profile⁠

AUGP vs BDEC Holdings

How AUGP and BDEC differ

Overlap by weight

0.0%

Level by level

Asset classAlternatives, Stocks0.0%
Holdings0 in both0.0%
Sector11 Sectors98.1%
Countryby domicile99.98%

Sector

Sector weights in AUGP and BDEC, widest gap first
Sector	Gap	AUGP	BDEC
Technology	BDEC +1.5 points	36.7%	38.2%
Consumer Discretionary	AUGP +0.5 points	9.7%	9.2%
Financials	AUGP +0.5 points	12.5%	12.0%
Communication	AUGP +0.4 points	8.8%	8.4%
Energy	BDEC +0.4 points	3.5%	3.9%
Health Care	AUGP +0.2 points	10.5%	10.3%
Consumer Staples	AUGP +0.2 points	5.1%	4.9%
Real Estate	AUGP +0.1 points	1.9%	1.8%
Industrials	Same weight	7.6%	7.6%
Utilities	Same weight	2.1%	2.1%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in AUGP and BDEC, widest gap first
Country	Gap	AUGP	BDEC
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	BDEC +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

AUGP103.5%
BDEC100.3%

Securities held

AUGP3
BDEC3

Asset class

AUGP: Alternatives
BDEC: Stocks

Holdings

Only in AUGP3
In both0
Only in BDEC3

Only in AUGP

3 securities, 100% of AUGP by weight

4SPY Us 07/30/27 C7.4796.98%
4SPY Us 07/30/27 P747.035.69%
Net Current Assets<0.01%

Only in BDEC

3 securities, 100% of BDEC by weight

Spy 11/30/2026 6.85 C99.43%
Spy 11/30/2026 683.4 P0.54%
Us Bank Mmda - Usbgfs 9 09/01/20370.32%

Weight gaps

AUGP and BDEC share no securities.

All AUGP holdings⁠All 6 BDEC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AUGP vs BDEC Cost

Overpaying BDEC vs AUGP

$5,195

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

AUGP 0.50%
$9,979
BDEC 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

AUGP 0.50%
BDEC 0.79%
Overpaying

Year by year

Year	AUGP	BDEC	Overpaying
10	$900	$1,405	$505
20	$3,460	$5,331	$1,871
30	$9,979	$15,174	$5,195

Expense ratio

0.50%AUGP, cheaper
0.79%BDEC

AUGP0.50%BDEC0.79%

0.25%0.85%

Middle half of S&P 500 Buffer 9-12% funds
Median 0.79%

AUGP 5th cheapest of 77 funds

BDEC 34th cheapest of 77 funds

AUGP vs BDEC Dividends

Last 12 months to Nov 9, 2026

Payout (12M): AUGP None; BDEC None

Distribution history

AUGPAll AUGP payments⁠

No distribution history available.

BDECAll BDEC payments⁠

No distribution history available.

AUGP vs BDEC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AUGP 6.2%since Jun 2024BDEC 8.6%
Return per unit of riskSharpe ratio, 3 years: AUGP 1.31since Jun 2024BDEC 1.33
Worst fallMax drawdown, 5 years: AUGP −11.1%since May 2024BDEC −16.4%
Market sensitivityBeta, 5 years: AUGP 0.54BDEC 0.72; Market = 1

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