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Data as of Nov 4, 2026.

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Buffer ETFs

DDFN vs PBNV: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBNV can fall 1.2% before its buffer engages and DDFN 0.9%.

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Net assets on Nov 4, 2026: $74m for Innovator Equity Dual Directional 15 Buffer ETF - Nov and $42m for PGIM S&P 500 Buffer 20 ETF - November .

DDFN on its own →PBNV on its own →
At a glance
0.9%
DDFN can fall this far before its buffer
1.2%
PBNV can fall this far before its buffer
10.1%
DDFN can still gain
11.5%
PBNV can still gain
DDFN Between buffer and cap
Between buffer and capDDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer+9.7% more to the cap−15.0% floor0% period start+11.1% cap+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capDDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.15 pts−15.0% floor0% start+11.1% cap+1.4% gain captured+9.7% more to the capTODAY · SPY +1.4%

DDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.

DDFN: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Data to Nov 4, 2026.
PBNV Between buffer and cap
Between buffer and capPBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+11.3% more to the cap−20.0% floor0% period start+12.7% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capPBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.7% cap+1.5% gain captured+11.3% more to the capTODAY · SPY +1.5%

PBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

PBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBNV costs 0.29 points a year less; their one-year returns differ by 1.0 point; DDFN is 1.8 times larger.

Points (pts) are percentage points.

DDFN vs PBNV: Cap, Buffer & Days Left
MeasureDDFNPBNV
Return
Total return, 1 year+10.2%+11.2%
Drawdown
Index fall to the buffer1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.50%
Net assets$74m$42m
Holdings
Holdings in commonnot published

Method

Risk and return

Nov 14, 2025 to Oct 30, 2026 · 50 weekly returns
DDFN PBNV
Return
Total return edge PBNV +9.4% +10.9%
Price return edge PBNV +9.4% +10.9%
Risk
Max drawdown edge DDFN −2.9% −3.6%
Reading

From Nov 2025 to Oct 2026, PBNV returned more: +10.9% to +9.4%. DDFN fell less at its worst: −2.9% to −3.6%.

Full scorecard

3 measures, with how each is measured Open ↓
Risk and return: DDFN vs PBNV: Cap, Buffer & Days Left
MeasureDDFNPBNVEdgeHow it is measured
Return
Total return+9.4%+10.9%PBNVPrice change plus distributions, reinvested.
Price return+9.4%+10.9%PBNVPrice change alone, distributions left out.
Risk
Max drawdown−2.9%−3.6%DDFNDeepest fall from a high to the low after it.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 50 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: DDFN vs PBNV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDDFNPBNVDDFNPBNV
3 months+2.7%+2.6%+3.1 pts+3.0 pts
6 months+5.4%+5.7%+0.9 pts+1.2 pts
1 year+10.2%+11.2%−3.3 pts−2.4 pts
Since launchNot the same days: DDFN Nov 2025 · PBNV May 2024+9.7%+29.2%−2.5 pts−15.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

DDFN Innovator Equity Dual Directional 15 Buffer ETF - Nov · Absorbs the first 15% of loss on SPY and caps the gain at 11.1%, over a period ending Oct 31, 2027 PBNV PGIM S&P 500 Buffer 20 ETF - November · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 2027
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 15% 20%
Outcome period Oct 31, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +11.1% +12.7%
Can still gain 10.1% 11.5%
Fall before buffer 0.9% 1.2%
Protection left, index points 15.0% of 15.0% 20.0% of 20.0%
Index return this period +1.4% +1.5%
Fund return this period +0.9% +0.7%
State today Open Open
Expense ratio 0.79% 0.50%
Net assets $74m $42m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PBNV is a floor fund, which caps how far a holder can fall. DDFN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

DDFN resets first, on Oct 31, 2027, 361 days from now; PBNV runs to Oct 31, 2027, 361 days. DDFN can still gain 10.1% before its cap, PBNV 11.5%. A fall from here reaches DDFN’s buffer after 0.9% and PBNV’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund
DDFN

From its price on Nov 4, 2026, the fund can gain about 10.1% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% 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. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.

PBNV

From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DDFN or PBNV?
From their prices on Nov 4, 2026, DDFN can gain about 10.1% before its cap and PBNV about 11.5%, so PBNV has more room left this period.
Which resets first, DDFN or PBNV?
DDFN ends its outcome period on Oct 31, 2027 and PBNV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, DDFN or PBNV?
DDFN charges 0.79% a year and PBNV charges 0.50%, so PBNV is cheaper. Fees come from each fund's prospectus.
Other comparisons
DDFN vs OCTMDDFN vs NOVPDDFN vs XOCTDDFN vs CPSNPBNV vs DHDGPBNV vs UNOVPBNV vs ZNOVPBNV vs PMNV
Where to next
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DDFN on its own →PBNV on its own →Method →Standards and sources →
Sources and dates
DDFN filings on SEC EDGAR ↗
Innovator page for DDFN ↗
PBNV filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DDFN against PBNV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfn-vs-pbnv

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.