Data as of .
NOVP vs PNOV: which one stands where?
As of Sep 21, 2026 NOVP can fall 11.1% before its buffer engages and PNOV 10.2%.
ETFIQ Downside Cover Score: PNOV scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
NOVP resets first, on Oct 31, 2026, 40 days from now; PNOV runs to Oct 31, 2026, 40 days. NOVP can still gain 2.6% before its cap, PNOV 1.8%. A fall from here reaches NOVP’s buffer after 11.1% and PNOV’s after 10.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’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 | ||
|---|---|---|---|---|
| NOVP | PNOV | NOVP | PNOV | |
| 3 months | +2.7% | +2.7% | +0.4 pts | +0.5 pts |
| 6 months | +13.1% | +11.7% | −5.0 pts | −6.3 pts |
| 1 year | +12.5% | +11.1% | −4.1 pts | −5.5 pts |
| 3 years | not published | +33.1% | not published | −45.3 pts |
| NOVP PGIM S&P 500 Buffer 12 ETF - November Absorbs the first 12% of loss on SPY and caps the gain at 15.3%, over a period ending Oct 31, 2026 | PNOV Innovator U.S. Equity Power Buffer ETF - Nov Absorbs the first 15% of loss on SPY and caps the gain at 13.3%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | PGIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 12% | 15% |
| Outcome period | Nov 1, 2025 to Oct 31, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 40 | 40 |
| Starting cap | +15.3% | +13.3% |
| Can still gain | 2.6% | 1.8% |
| Fall before buffer | 11.1% | 10.2% |
| Protection left, index points | 12.0% of 12.0% | 15.0% of 15.0% |
| Index return this period | +13.4% | +13.5% |
| Fund return this period | +11.9% | +10.5% |
| State today | Open | At cap |
| Expense ratio | 0.50% | 0.79% |
| Net assets | $34m | $886m |
NOVP in plain words
From its price on Sep 21, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 11.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
PNOV in plain words
SPY had already risen past this fund's cap of +13.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's figure. 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 Sep 21, 2026, NOVP can gain about 2.6% before its cap and PNOV about 1.8%, so NOVP has more room left this period.
- Which resets first, NOVP or PNOV?
- NOVP ends its outcome period on Oct 31, 2026 and PNOV on Oct 31, 2026. 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
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, NOVP against PNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/novp-vs-pnov Free to use with attribution; the underlying files are at Open data.