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Launched

Innovator U.S. Equity Power Buffer ETF

PNOVCboeInnovatorC

$45.50−0.14 (−0.31%)

As of Nov 2, 2026, 3:59 PM ET

C52/ 100

Rank 16 of 61 in S&P 500 Buffer 15%

C52/100Rank 16 of 61inS&P 500 Buffer 15%
Intraday session: down, 79 prints from 45.64 to 45.50. Range 45.50 to 45.90. Use the arrow keys to read each point.45.7045.8045.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$818M
1Y total return
+10.1%
Yield · Last 12 months
No data
Holdings
503
Avg volume · 30D
61K sh
52W range
low $40.09high $46.39
Launched

The ETF.net PNOV Grade

C

Score 52 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
16 of 61
Six-pillar profile for PNOV. Scores out of 100: Cost 35, Risk 47, Mission 84, Tradability 59, Holdings 91, Durability 82. Strongest: Holdings (91). Weakest: Cost (35). Leans toward Holdings.

Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A84 out of 100
    Rank 6 of 7

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 44 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 20 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A91 out of 100
    Rank 1 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 7 of 61

Our read on PNOV

ETF.net Research

In short

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

  • The 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
  • Costs 0.79% a year, dead center for its buffer-fund cohort, and it changes hands more easily than most funds in that group.
  • Running 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

  • The 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
  • Buffer 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
  • Picking your own reset month costs more: the laddered version of the same strategy (BUFF) charges 0.10% versus 0.79% here.

PNOV Performance

Launched Nov 1, 2019

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

Not enough history yet.
PNOV$11,008
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PNOV $11,008. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+9.2%
1 month0.0%
3 months+2.2%
1 year+10.1%
3 yearsper year+12.2%
5 yearsper year+8.3%
10 yearsFund is under 10 years oldper yearNo data

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+9.2%
2025+10.3%
2024+10.0%
2023+14.1%
2022−2.6%
2021+7.1%
2020+10.4%

PNOV in the news

PNOV Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

PNOV Risk

Risk pillarC47 out of 100Rank 44 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
5.9%
Annualised · 36 months to Oct 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.
1.25
vs 3-month T-bills · to Oct 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.
0.50
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.

FMP measures it over up to five years of monthly returns.

PNOV Cost

Compare PNOV and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PNOV 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PNOV 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PNOV $15,174CAUG $6,149

Year by year

YearPNOVCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

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