Data as of .
PNOV vs UOCT: which one stands where?
As of Sep 13, 2026 UOCT can fall 14.2% before its buffer engages and PNOV 9.5%, and UOCT resets 31 days sooner.
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
UOCT resets first, on Sep 30, 2026, 19 days from now; PNOV runs to Oct 31, 2026, 50 days. PNOV can still gain 2.5% before its cap, UOCT 0.4%. A fall from here reaches PNOV’s buffer after 9.5% and UOCT’s after 14.2%. 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 | ||
|---|---|---|---|---|
| PNOV | UOCT | PNOV | UOCT | |
| 3 months | +3.2% | +3.2% | −0.1 pts | −0.1 pts |
| 6 months | +10.4% | +9.4% | −5.6 pts | −6.6 pts |
| 1 year | +11.3% | +10.4% | −6.2 pts | −7.1 pts |
| 3 years | +32.6% | +38.9% | −45.3 pts | −39.0 pts |
| 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 | UOCT Innovator U.S. Equity Ultra Buffer ETF - Oct Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.0%, over a period ending Sep 30, 2026 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Oct 31, 2025 to Oct 31, 2026 | Sep 30, 2025 to Sep 30, 2026 |
| Days left | 50 | 19 |
| Starting cap | +13.3% | +11.0% |
| Can still gain | 2.5% | 0.4% |
| Fall before buffer | 9.5% | 14.2% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +12.1% | +14.7% |
| Fund return this period | +9.7% | +9.8% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
PNOV in plain words
From its price on Sep 13, 2026, the fund can gain about 2.5% more before it reaches its cap. The fund's price can fall 9.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% 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. 50 days remained on Sep 13, 2026. On Oct 31, 2026 the period ends and a new cap is set.
UOCT in plain words
SPY had already risen past this fund's cap of +11.0% for the period on Sep 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.4% as the period runs out. The fund's price can fall 14.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 17.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 19 days remained on Sep 13, 2026. On Sep 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PNOV or UOCT?
- From their prices on Sep 13, 2026, PNOV can gain about 2.5% before its cap and UOCT about 0.4%, so PNOV has more room left this period.
- Which resets first, PNOV or UOCT?
- PNOV ends its outcome period on Oct 31, 2026 and UOCT on Sep 30, 2026. A new cap is set the day after each.
- Which is cheaper, PNOV or UOCT?
- PNOV charges 0.79% a year and UOCT charges 0.79%, so PNOV 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, PNOV against UOCT, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/pnov-vs-uoct Free to use with attribution; the underlying files are at Open data.