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PNOV

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2019-11-01

$45.71−0.14 (−0.29%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 54 prints from 45.84 to 45.71. Range 45.65 to 45.84. Use the arrow keys to read each point.$45.65$45.75$45.80$45.8510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$886M
1Y return
+11.8%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$45.53
52W range
low $40.09high $46.13

The ETF.net PNOV Grade

C

46/ 100

Rank 26 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PNOV. Scores out of 100: Cost 35, Risk 43, Mission not scored, Tradability 59, Holdings not scored, Durability 83. Strongest: Durability (83). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 35
    Category rank43/61 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank45/57 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank24/61 · top 39%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 83
    Category rank6/61 · top 10%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PNOV

ETF.net Research

CA 15% cushion against SPY's first losses, reset every November 1, paid for with a ceiling on that year's upside. PNOV is the November door in Innovator's month-by-month buffer lineup.

Stated mandate

The Fund seeks to track the return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap while protecting against the first 15% of losses during the outcome period.

Why people hold it

  1. 01The deal is spelled out before you buy: absorb the first 15% of SPY's losses over a Nov 1 to Oct 31 outcome period, with that year's cap set on day one.innovatoretfs.com
  2. 02Costs 0.79% a year, dead center for its buffer-fund cohort, and it changes hands more easily than most funds in that group.
  3. 03Running since 2019, with same-strategy siblings starting in other months (PJAN, PAPR, PJUL), so start dates can be staggered instead of pinned to one November.

Worth knowing

  1. 01The cap is what pays for the cushion. Above the ceiling set each November, SPY's extra upside goes to the options counterparty, not the fund.innovatoretfs.com
  2. 02Buffer and cap are built for the full outcome period. Buy mid-period and you inherit whatever cushion and headroom remain, not the headline 15%.innovatoretfs.com
  3. 03Picking your own reset month costs more: the laddered version of the same strategy (BUFF) charges 0.10% versus 0.79% here.

PNOV Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
102%
Largest holding
SPY 10/30/2026 6.82 C101.7%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 10/30/2026 6.82 C101.72%11,782$903M1
002—US BANK MMDA - USBGFS 9 09/01/20370.27%2,403,578$2M161
003—SPY 10/30/2026 682.06 P0.16%11,782$1M1

Showing 1–3 of 3 holdings

PNOV Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PNOV$11,177
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PNOV $11,177. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PNOV. Periods over one year show the average yearly return.
PeriodPNOV
Year to date+9.7%
1 month+1.2%
3 months+3.6%
1 year+11.8%
3 years+11.3%per year
5 years+8.5%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PNOV
YearReturn barPNOV
2026 YTD+9.7%
2025+10.3%
2024+10.0%
2023+14.1%
2022−2.6%
2021+7.1%
2020+10.4%

PNOV in the news

ETF.net Research hasn’t filed on PNOV yet — coverage lands here as it’s written.

PNOV Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

PNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
6.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.72
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−10.6%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.49
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PNOV Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PNOV costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.