Data as of . Every figure is the buffer desk's own, on published data.
FOCT vs PNOV
Where each one stands today
FOCT resets first, on Oct 16, 2026, 42 days from now; PNOV runs to Oct 31, 2026, 57 days. FOCT can still gain 1.6% before its cap, PNOV 2.3%. A fall from here reaches FOCT’s buffer after 11.9% and PNOV’s after 9.7%. Both track SPY, so what separates them is where each is in its own period.
Every figure is the buffer desk’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 | ||
|---|---|---|---|---|
| FOCT | PNOV | FOCT | PNOV | |
| 3 months | +4.0% | +3.8% | −0.7 pts | −0.9 pts |
| 6 months | +10.9% | +9.7% | −4.3 pts | −5.4 pts |
| 1 year | +15.9% | +12.1% | −4.1 pts | −7.9 pts |
| 3 years | +40.9% | +32.2% | −37.1 pts | −45.7 pts |
| FOCT FT Vest U.S. Equity Buffer ETF - October | PNOV Innovator U.S. Equity Power Buffer ETF - Nov | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Oct 20, 2025 to Oct 16, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 42 | 57 |
| Starting cap | +15.1% | +13.2% |
| Can still gain | 1.6% | 2.3% |
| Fall before buffer | 11.9% | 9.7% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +15.9% | +12.9% |
| Fund return this period | +12.5% | +10.0% |
| State today | At cap | Open |
| Expense ratio | 0.85% | 0.79% |
FOCT in plain words
SPY had already risen past this fund's cap of +15.1% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.6% as the period runs out. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 42 days remained on Sep 4, 2026. On Oct 16, 2026 the period ends and a new cap is set.
PNOV in plain words
From its price on Sep 4, 2026, the fund can gain about 2.3% more before it reaches its cap. The fund's price can fall 9.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% 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. 57 days remained on Sep 4, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FOCT or PNOV?
- From their prices on Sep 4, 2026, FOCT can gain about 1.6% before its cap and PNOV about 2.3%, so PNOV has more room left this period.
- Which resets first, FOCT or PNOV?
- FOCT ends its outcome period on Oct 16, 2026 and PNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, FOCT or PNOV?
- FOCT charges 0.85% a year and PNOV charges 0.79%, so PNOV 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, FOCT against PNOV, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/FOCT-PNOV.html Free to use with attribution; the underlying files are at Open data.