Which has more room to gain, NOVP or PBNV?

From their prices on Nov 4, 2026, NOVP can gain about 14.8% before its cap and PBNV about 11.5%, so NOVP has more room left this period.

Which resets first, NOVP or PBNV?

NOVP 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, NOVP or PBNV?

NOVP and PBNV both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

NOVP vs PBNV: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 NOVP can fall 1.5% before its buffer engages and PBNV 1.2%.

askIQ about this page

askIQ about NOVP and PBNV

Net assets on Nov 4, 2026: $43m for PGIM S&P 500 Buffer 12 ETF - November and $42m for PGIM S&P 500 Buffer 20 ETF - November .

NOVP on its own →PBNV on its own →

At a glance

1.5%

NOVP can fall this far before its buffer

1.2%

PBNV can fall this far before its buffer

14.8%

NOVP can still gain

11.5%

PBNV can still gain

NOVP Between buffer and cap

NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.

PBNV Between buffer and cap

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

Both cost 0.50% a year; their one-year returns differ by 0.7 points.

Points (pts) are percentage points.

NOVP vs PBNV: Cap, Buffer & Days Left
Measure	NOVP	PBNV
Return
Measure	NOVP	PBNV
Total return, 1 year	+11.9%	+11.2%
Drawdown
Measure	NOVP	PBNV
Index fall to the buffer	1.4%
Benchmark
Measure	NOVP	PBNV
What it tracks	SPY	SPY
Cost and size
Measure	NOVP	PBNV
Expense ratio	0.50%	0.50%
Net assets	$43m	$42m
Holdings
Measure	NOVP	PBNV
Holdings in common	not published

ETFIQ Downside Cover Score · PBNV scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score57.5NOVP97.4PBNV

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

NOVP 57.5

PBNV 97.4

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: NOVP vs PBNV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	NOVP	PBNV	NOVP	PBNV
3 months	+0.9%	+2.6%	+1.2 pts	+3.0 pts
6 months	+4.7%	+5.7%	+0.2 pts	+1.2 pts
1 year	+11.9%	+11.2%	−1.7 pts	−2.4 pts
Since launchNOVP May 2024 · PBNV May 2024	+34.3%	+29.2%	−10.4 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

NOVP PGIM S&P 500 Buffer 12 ETF - November · Absorbs the first 12% of loss on SPY and caps the gain at 16.4%, 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 PGIM PGIM

Reference index SPY SPY

Buffer 12% 20%

Outcome period Nov 1, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027

Days left 361 361

Starting cap +16.4% +12.7%

Can still gain 14.8% 11.5%

Fall before buffer 1.5% 1.2%

Protection left, index points 12.0% of 12.0% 20.0% of 20.0%

Index return this period +1.5% +1.5%

Fund return this period +1.0% +0.7%

State today Open Open

Expense ratio 0.50% 0.50%

Net assets $43m $42m

As of Nov 4, 2026. Source: ETFIQ.

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

NOVP resets first, on Oct 31, 2027, 361 days from now; PBNV runs to Oct 31, 2027, 361 days. NOVP can still gain 14.8% before its cap, PBNV 11.5%. A fall from here reaches NOVP’s buffer after 1.5% and PBNV’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

NOVP

From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 1.5% 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: 12.0% of the 12.0% 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, NOVP or PBNV?: From their prices on Nov 4, 2026, NOVP can gain about 14.8% before its cap and PBNV about 11.5%, so NOVP has more room left this period.
Which resets first, NOVP or PBNV?: NOVP 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, NOVP or PBNV?: NOVP and PBNV both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

NOVP vs OCTM NOVP vs ZNOV NOVP vs BNOV NOVP vs PMNV PBNV vs XOCT PBNV vs CPSN PBNV vs CPSO PBNV vs PMNV

Where to next

SPDR S&P 500 ETF Trust →NOVP on its own →PBNV on its own →Method →Standards and sources →

Sources and dates

NOVP and PBNV filings on SEC EDGAR ↗

PGIM website ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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

Open data →

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