Innovator U.S. Equity Power Buffer ETF
$46.20−0.01 (−0.02%)
- 0.79%
- $838M
- +12.8%
- 0M sh
- $46.24
- low $40.09high $46.25
The ETF.net PNOV Grade
C
Score 48 out of 100
- 22 of 61
Score 48 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 100Rank 34 of 61Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 24 of 57Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B61 out of 100Rank 22 of 59Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A84 out of 100Rank 7 of 61
Our read on PNOV
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.
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 Holdings
- Stocks
- 3
- 102%
- Spy 10/30/2026 6.82 C
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
PNOV Performance
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$11,276
Returns run to the Oct 12, 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.
| Period | PNOV |
|---|---|
| Year to date | +10.6% |
| 1 month | +1.7% |
| 3 months | +3.4% |
| 1 year | +12.8% |
| 3 years | +11.3% |
| 5 years | +8.6% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PNOV |
|---|---|---|
| 2026 YTD | +10.6% | |
| 2025 | +10.3% | |
| 2024 | +10.0% | |
| 2023 | +14.1% | |
| 2022 | −2.6% | |
| 2021 | +7.1% | |
| 2020 | +10.4% |
PNOV in the news
PNOV Dividends
No distributions in the last 12 months.
PNOV Risk
- 6.2%
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.
- 1.05
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.
- −10.6%
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.
- 0.50
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
0.79%
PNOV0.79%
- The middle half of S&P 500 Buffer 15% funds
- Median 0.79%
23 of the 51 S&P 500 Buffer 15% funds charge less.
Other funds in S&P 500 Buffer 15%
- CPMARInnovator U.S. Equity Power Buffer ETF - MarchExpense ratio 0.79%1 year return +13.1%
- CPAPRInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +13.6%
- CTENMiShares Large Cap 10% Target Buffer Mar ETFExpense ratio 0.53%1 year return —
- CPDECInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +14.4%
- CPFEBInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +13.4%