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BUFC vs PNOV

AB Conservative Buffer ETF

BUFCBNasdaq

Innovator U.S. Equity Power Buffer ETF

PNOVCCboe

Overlap

Expense ratio

BUFC −0.10pt a year

BUFC0.69%PNOV0.79%

Avg volume · 30D

PNOV 1.2×the volume

BUFC49.5KPNOV61K

BUFC vs PNOV Performance

Oct 31, 2025 – Oct 30, 2026

+5.8%BUFC+10.1%PNOV

Oct 31, 2025 to Oct 30, 2026. BUFC +5.8%. PNOV +10.1%. Use the arrow keys to read each point.−2.5%0%2.5%7.5%12.5%Oct 2025Apr 2026Oct 2026
Expense ratio
BUFC 0.69%, better
PNOV 0.79%
Fund size
BUFC $1.11B
PNOV $818M
1Y total return
BUFC +5.8%
PNOV +10.1%, better
Holdings
BUFC 4
PNOV 503
Avg volume (30D)
BUFC 49.5K sh
PNOV 61K sh, better
NAV per share
BUFC $43.25
PNOV $45.59
52W range

ETF.net Grade

BUFC: Cost 57, Risk 41, Mission not scored, Tradability 62, Holdings not scored, Durability 74. PNOV: Cost 35, Risk 47, Mission 84, Tradability 59, Holdings 91, Durability 82.
Pillar letters and Scores for BUFC, PNOV, with each pillar’s weight
PillarBUFCPNOV
Cost30% weightB57HigherD35
Mission25% weightNot scoredA84
Risk15% weightC41C47Higher
Tradability15% weightB62HigherB59
Holdings10% weightNot scoredA91
Durability5% weightA74A82Higher

Rank among S&P 500 Buffer 15% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BUFC and PNOV are both graded against the same 51 S&P 500 Buffer 15% funds, so their Grades compare head to head.

S&P 500 Buffer 15%⁠

Category · 51 funds
See all 51 ›

BUFC ranks 4th and PNOV 8th of 51 funds in the S&P 500 Buffer 15% Category.

  1. Rank 1BPSMOPacer Swan SOS Moderate (October) ETFScore 64
  2. Rank 2BPSMJPacer Swan SOS Moderate (July) ETFScore 59
  3. Rank 3BPSMRPacer Swan SOS Moderate (April) ETFScore 57
  4. Rank 4BBUFCAB Conservative Buffer ETFScore 55
  5. Rank 4CPOCTInnovator U.S. Equity Power Buffer ETFScore 55
  6. Rank 8CPAUGInnovator U.S. Equity Power Buffer ETF - AugustScore 52
  7. Rank 8CPNOVInnovator U.S. Equity Power Buffer ETFScore 52
  8. Rank 10CPJANInnovator U.S. Equity Power Buffer ETFScore 51

Our read on each fund

ETF.net Research

BUFCBAB Conservative Buffer ETF

PNOVCInnovator U.S. Equity Power Buffer ETF

In short

BUFC Most buffer funds lock you into a 12-month outcome period. BUFC resets every three months, targeting 15% downside protection against the S&P 500 with roughly 3% of the upside per period. Deep cushion, short leash.

PNOV A 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

BUFC The Fund is an actively managed equity ETF seeking conservative capital appreciation with potential partial downside protection. It uses options to establish an upside cap and downside protection over rolling three-month periods, targeting 15% downside protection and about 3% upside participation to the S&P 500.

PNOV 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

  • BUFC Uses options to target 15% downside protection against the S&P 500 over rolling three-month periods, so the cushion resets four times a year instead of once.alliancebernstein.com
  • At 0.69%, it costs less than Innovator's 0.79% Power Buffer funds (PJUL, PJAN, POCT) and less than the typical fund in its buffer cohort.
  • Actively managed rather than pinned to a calendar index series, running since 2023, and among the stronger implementations in its buffer peer group.
  • PNOV 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

  • BUFC The price of that deep cushion: upside participation is targeted near 3% per three-month period, so big rallies mostly pass you by.
  • Protection is partial and period-based. Losses past the targeted 15% pass through, and buying mid-period shifts your effective buffer and cap.alliancebernstein.com
  • Thinly traded for its size, so spreads and limit orders deserve attention.
  • PNOV 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.

Full BUFC profile⁠

Full PNOV profile⁠

BUFC vs PNOV Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BUFC vs PNOV Cost

Overpaying PNOV vs BUFC

$1,745

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

  • BUFC 0.69%

    $13,429

  • PNOV 0.79%

    $15,174

$10,000
30 years

Cost over time

  • BUFC 0.69%
  • PNOV 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PNOV $15,174BUFC $13,429

Year by year

YearBUFCPNOVOverpaying
10$1,232$1,405$173
20$4,697$5,331$634
30$13,429$15,174$1,745

Expense ratio

  • 0.69%BUFC, cheaper
  • 0.79%PNOV
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

BUFC 17th cheapest of 51 funds

PNOV 24th cheapest of 51 funds

BUFC vs PNOV Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BUFC None
PNOV None

Distribution history

BUFCAll BUFC payments⁠

No distribution history available.

PNOVAll PNOV payments⁠

No distribution history available.

BUFC vs PNOV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BUFC 3.4%since Jan 2024PNOV 5.9%
Return per unit of riskSharpe ratio, 3 years
BUFC 0.82since Jan 2024PNOV 1.25
Worst fallMax drawdown, 5 years
BUFC −8.3%since Dec 2023PNOV −10.6%
Market sensitivityBeta, 5 years
BUFC 0.26PNOV 0.50

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