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PNOV vs PSMO

Innovator U.S. Equity Power Buffer ETF

PNOVCCboe

Pacer Swan SOS Moderate (October) ETF

PSMOBCboe

Overlap

Expense ratio

PSMO −0.30pt a year

PNOV0.79%PSMO0.49%

Avg volume · 30D

PNOV 8.4×the volume

PNOV61KPSMO7.3K

5Y return · a year

PSMO +1.4pt

PNOV+8.3%PSMO+9.7%

PNOV vs PSMO Performance

Oct 29, 2021 – Oct 30, 2026

+49.3%PNOV+59.2%PSMO

Oct 29, 2021 to Oct 30, 2026. PNOV +49.3%. PSMO +59.2%. Use the arrow keys to read each point.0%20%40%Oct 2021May 2024Oct 2026
Expense ratio
PNOV 0.79%
PSMO 0.49%, better
Fund size
PNOV $818M
PSMO $116M
1Y total return
PNOV +10.1%, better
PSMO +10.0%
Holdings
PNOV 503
PSMO 3
Avg volume (30D)
PNOV 61K sh, better
PSMO 7.3K sh
NAV per share
PNOV $45.59
PSMO $33.50
52W range

ETF.net Grade

PNOV: Cost 35, Risk 47, Mission 84, Tradability 59, Holdings 91, Durability 82. PSMO: Cost 70, Risk 54, Mission 95, Tradability 64, Holdings not scored, Durability 66.
Pillar letters and Scores for PNOV, PSMO, with each pillar’s weight
PillarPNOVPSMO
Cost30% weightD35A70Higher
Mission25% weightA84A95Higher
Risk15% weightC47C54Higher
Tradability15% weightB59B64Higher
Holdings10% weightA91Not scored
Durability5% weightA82HigherB66

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. PNOV and PSMO 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 ›

PSMO ranks 1st 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 8CPAUGInnovator U.S. Equity Power Buffer ETF - AugustScore 52
  4. Rank 8CPNOVInnovator U.S. Equity Power Buffer ETFScore 52
  5. Rank 10CPJANInnovator U.S. Equity Power Buffer ETFScore 51

Our read on each fund

ETF.net Research

PNOVCInnovator U.S. Equity Power Buffer ETF

PSMOBPacer Swan SOS Moderate (October) ETF

In short

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.

PSMO A 15% cushion against SPY's first losses, reset every October, for 0.49% a year. Most defined-outcome funds charge more, and the trade is a cap on the upside that gets set fresh at the start of each period.

Stated mandate

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.

PSMO The fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a stated cap while buffering the first 15% of losses during an approximately one-year outcome period.

Why people hold it

  • 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.
  • PSMO Charges 0.49% a year versus a 0.79% median across its 15%-buffer peer group, one of the lower-cost ways to own this structure.
  • Pacer's moderate SOS funds (PSMD, PSMR, PSMJ) all price at 0.49%, while the Innovator power-buffer lineup (POCT, PJUL, PJAN) runs 0.79%.
  • The reference asset is the SPDR S&P 500 ETF Trust itself, not an abstract index, so what's being buffered is a fund you can watch tick by tick.paceretfs.com

Worth knowing

  • 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.
  • PSMO Buffer and cap are engineered for the full one-year outcome period running October through September. Buy or sell mid-period and you may get neither in full.paceretfs.com
  • Upside stops at a cap reset each October. A runaway rally in the S&P 500 is the scenario this structure hands back in exchange for the 15% cushion.paceretfs.com
  • One of the quieter tickers in the buffer aisle, so spreads and order type matter more here than with the category's household names.

Full PNOV profile⁠

Full PSMO profile⁠

PNOV vs PSMO Holdings

As of
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.

PNOV vs PSMO Cost

Overpaying PNOV vs PSMO

$5,382

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

  • PNOV 0.79%

    $15,174

  • PSMO 0.49%

    $9,792

$10,000
30 years

Cost over time

  • PNOV 0.79%
  • PSMO 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PNOV $15,174PSMO $9,792

Year by year

YearPNOVPSMOOverpaying
10$1,405$883$522
20$5,331$3,394$1,937
30$15,174$9,792$5,382

Expense ratio

  • 0.79%PNOV
  • 0.49%PSMO, cheaper
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

PSMO 5th cheapest of 51 funds

PNOV 24th cheapest of 51 funds

PNOV vs PSMO Dividends

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

Distribution history

PNOVAll PNOV payments⁠

No distribution history available.

PSMOAll PSMO payments⁠

No distribution history available.

PNOV vs PSMO Risk

Fall from peak · 5 years

  • PNOV
  • PSMO
Oct 29, 2021 to Oct 30, 2026. Worst fall: PNOV −10.6% · Jun 2022. Use the arrow keys to read each point.−7.5%−5%−2.5%0%Oct 2021May 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PNOV 5.9%PSMO 5.9%Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
PNOV 1.25PSMO 1.31, better
Worst fallMax drawdown, 5 years
PNOV −10.6%PSMO −9.8%, better
Market sensitivityBeta, 5 years
PNOV 0.50PSMO 0.41

Popular comparisons

  • PNOVCvsPSMJB

    Innovator U.S. Equity Power Buffer ETF · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMJB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PNOVCvsPSMRB

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    Expense ratio
    0.79% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMRB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (April) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

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    Expense ratio
    0.79% · 0.69%
    Category
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  • PSMOBvsBUFCB

    Pacer Swan SOS Moderate (October) ETF · AB Conservative Buffer ETF

    Expense ratio
    0.49% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.