Which has more room to gain, PMNV or PNOV?

From their prices on Nov 4, 2026, PMNV can gain about 7.4% before its cap and PNOV about 14.3%, so PNOV has more room left this period.

Which resets first, PMNV or PNOV?

PMNV 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, PMNV or PNOV?

PMNV charges 0.50% a year and PNOV charges 0.79%, so PMNV is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PMNV vs PNOV: Cap, Buffer & Days Left

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

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Net assets on Nov 4, 2026: $5.6m for PGIM S&P 500 Max Buffer ETF - November and $857m for Innovator U.S. Equity Power Buffer ETF - Nov.

PMNV on its own →PNOV on its own →

At a glance

0.9%

PMNV can fall this far before its buffer

0.9%

PNOV can fall this far before its buffer

7.4%

PMNV can still gain

14.3%

PNOV can still gain

PMNV Full floor

PMNV: reference +1.5% since period start, fund +0.4%; buffer Floor; cap +8.3%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PNOV Between buffer and cap

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

PMNV costs 0.29 points a year less; their one-year returns differ by 4.6 points; PNOV is far larger, $857m against $5.6m.

Points (pts) are percentage points.

PMNV vs PNOV: Cap, Buffer & Days Left
Measure	PMNV	PNOV
Return
Measure	PMNV	PNOV
Total return, 1 year	+6.9%	+11.5%
Drawdown
Measure	PMNV	PNOV
Index fall to the buffer	1.4%
Benchmark
Measure	PMNV	PNOV
What it tracks	SPY	SPY
Cost and size
Measure	PMNV	PNOV
Expense ratio	0.50%	0.79%
Net assets	$5.6m	$857m
Holdings
Measure	PMNV	PNOV
Holdings in common	not published

Method

Window by window

Window by window: PMNV vs PNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMNV	PNOV	PMNV	PNOV
3 months	+1.9%	+1.9%	+2.3 pts	+2.3 pts
6 months	+3.8%	+5.3%	−0.7 pts	+0.8 pts
1 year	+6.9%	+11.5%	−6.6 pts	−2.0 pts
3 years	–	+39.4%	–	−37.0 pts
Since launchNot the same days: PMNV Nov 2025 · PNOV Nov 2019	+6.8%	+79.5%	−5.4 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

PMNV PGIM S&P 500 Max Buffer ETF - November · Absorbs the whole loss on SPY and caps the gain at 8.3%, 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 100% 15%

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

Days left 361 361

Starting cap +8.3% +15.3%

Can still gain 7.4% 14.3%

Fall before buffer 0.9% 0.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +1.5% +1.4%

Fund return this period +0.4% +0.9%

State today Open Open

Expense ratio 0.50% 0.79%

Net assets $5.6m $857m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMNV is a floor fund, which caps how far a holder can fall. PNOV 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

PMNV resets first, on Oct 31, 2027, 361 days from now; PNOV runs to Oct 31, 2027, 361 days. PMNV can still gain 7.4% before its cap, PNOV 14.3%. A fall from here reaches PMNV’s buffer after 0.9% and PNOV’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PMNV

From its price on Nov 4, 2026, the fund can gain about 7.4% 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: 100.0% of the 100.0% 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. 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, PMNV or PNOV?: From their prices on Nov 4, 2026, PMNV can gain about 7.4% before its cap and PNOV about 14.3%, so PNOV has more room left this period.
Which resets first, PMNV or PNOV?: PMNV 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, PMNV or PNOV?: PMNV charges 0.50% a year and PNOV charges 0.79%, so PMNV is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMNV vs GOCT PMNV vs DOCT PMNV vs BNOV PMNV vs ZNOV PNOV vs NVBT PNOV vs DDTN PNOV vs CPSO PNOV vs NVBU

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PMNV on its own →PNOV on its own →PMNV dividend history →Method →Standards and sources →

Sources and dates

PMNV 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

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

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