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Data as of Nov 4, 2026.

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Buffer ETFs

NOVP vs PNOV: Cap, Buffer & Days Left

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As of Nov 4, 2026 NOVP can fall 1.5% before its buffer engages and PNOV 0.9%.

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Net assets on Nov 4, 2026: $43m for PGIM S&P 500 Buffer 12 ETF - November and $857m for Innovator U.S. Equity Power Buffer ETF - Nov.

NOVP on its own →PNOV on its own →
At a glance
1.5%
NOVP can fall this far before its buffer
0.9%
PNOV can fall this far before its buffer
14.8%
NOVP can still gain
14.3%
PNOV can still gain
NOVP Between buffer and cap
Between buffer and capNOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+14.9% more to the cap−12.0% floor0% period start+16.4% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.12 pts+14.9% to cap−12.0% floor0% start+16.4% cap+1.5% gain capturedTODAY · SPY +1.5%

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.

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.
PNOV Between buffer and cap
Between buffer and capPNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer+13.9% more to the cap−15.0% floor0% period start+15.3% cap+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capPNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.15 pts+13.9% to cap−15.0% floor0% start+15.3% cap+1.4% gain capturedTODAY · SPY +1.4%

PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.

PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

NOVP costs 0.29 points a year less; their one-year returns differ by 0.4 points; PNOV is 19.9 times larger.

Points (pts) are percentage points.

NOVP vs PNOV: Cap, Buffer & Days Left
MeasureNOVPPNOV
Return
Total return, 1 year+11.9%+11.5%
Drawdown
Index fall to the buffer1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$43m$857m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PNOV scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score57.5NOVP83.2PNOV

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

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 PNOV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowNOVPPNOVNOVPPNOV
3 months+0.9%+1.9%+1.2 pts+2.3 pts
6 months+4.7%+5.3%+0.2 pts+0.8 pts
1 year+11.9%+11.5%−1.7 pts−2.0 pts
3 years–+39.4%–−37.0 pts
Since launchNot the same days: NOVP May 2024 · PNOV Nov 2019+34.3%+79.5%−10.4 pts−71.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. 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 PNOV Innovator U.S. Equity Power Buffer ETF - Nov · Absorbs the first 15% of loss on SPY and caps the gain at 15.3%, over a period ending Oct 31, 2027
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 12% 15%
Outcome period Nov 1, 2026 to Oct 31, 2027 Oct 31, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +16.4% +15.3%
Can still gain 14.8% 14.3%
Fall before buffer 1.5% 0.9%
Protection left, index points 12.0% of 12.0% 15.0% of 15.0%
Index return this period +1.5% +1.4%
Fund return this period +1.0% +0.9%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $43m $857m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

NOVP resets first, on Oct 31, 2027, 361 days from now; PNOV runs to Oct 31, 2027, 361 days. NOVP can still gain 14.8% before its cap, PNOV 14.3%. A fall from here reaches NOVP’s buffer after 1.5% and PNOV’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

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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.

PNOV

From its price on Nov 4, 2026, the fund can gain about 14.3% 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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, NOVP or PNOV?
From their prices on Nov 4, 2026, NOVP can gain about 14.8% before its cap and PNOV about 14.3%, so NOVP has more room left this period.
Which resets first, NOVP or PNOV?
NOVP ends its outcome period on Oct 31, 2027 and PNOV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, NOVP or PNOV?
NOVP charges 0.50% a year and PNOV charges 0.79%, so NOVP is cheaper. Fees come from each fund's prospectus.
Other comparisons
NOVP vs BNOVNOVP vs ZNOVNOVP vs UNOVNOVP vs NVBWPNOV vs OCTMPNOV vs PBNVPNOV vs XOCTPNOV vs CPSN
Where to next
SPDR S&P 500 ETF Trust →NOVP on its own →PNOV on its own →Method →Standards and sources →
Sources and dates
NOVP filings on SEC EDGAR ↗
PGIM website ↗
PNOV filings on SEC EDGAR ↗
Innovator page for PNOV ↗

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 PNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/novp-vs-pnov

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