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PNOV vs PSMR

Innovator U.S. Equity Power Buffer ETF

PNOVCCboe

Pacer Swan SOS Moderate (April) ETF

PSMRBCboe

Overlap

Expense ratio

PSMR −0.30pt a year

PNOV0.79%PSMR0.49%

Avg volume · 30D

PNOV 48.3×the volume

PNOV61KPSMR1.26K

3Y return · a year

PSMR +0.6pt

PNOV+12.2%PSMR+12.8%

PNOV vs PSMR Performance

Oct 31, 2025 – Oct 30, 2026

+10.1%PNOV+12.1%PSMR

Oct 31, 2025 to Oct 30, 2026. PNOV +10.1%. PSMR +12.1%. Use the arrow keys to read each point.−2.5%0%2.5%5%7.5%Oct 2025Apr 2026Oct 2026
Expense ratio
PNOV 0.79%
PSMR 0.49%, better
Fund size
PNOV $818M
PSMR $91M
1Y total return
PNOV +10.1%
PSMR +12.1%, better
Holdings
PNOV 503
PSMR 3
Avg volume (30D)
PNOV 61K sh, better
PSMR 1.26K sh
NAV per share
PNOV $45.59
PSMR $33.00
52W range

ETF.net Grade

PNOV: Cost 35, Risk 47, Mission 84, Tradability 59, Holdings 91, Durability 82. PSMR: Cost 70, Risk 57, Mission not scored, Tradability 32, Holdings not scored, Durability 64.
Pillar letters and Scores for PNOV, PSMR, with each pillar’s weight
PillarPNOVPSMR
Cost30% weightD35A70Higher
Mission25% weightA84Not scored
Risk15% weightC47B57Higher
Tradability15% weightB59HigherD32
Holdings10% weightA91Not scored
Durability5% weightA82HigherB64

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 PSMR 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 ›

PSMR ranks 3rd 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 8CPAUGInnovator U.S. Equity Power Buffer ETF - AugustScore 52
  6. Rank 8CPNOVInnovator U.S. Equity Power Buffer ETFScore 52
  7. Rank 10CPJANInnovator U.S. Equity Power Buffer ETFScore 51

Our read on each fund

ETF.net Research

PNOVCInnovator U.S. Equity Power Buffer ETF

PSMRBPacer Swan SOS Moderate (April) 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.

PSMR A 15-point cushion on SPY, reset every April, for 0.49% a year while the typical buffer fund charges more. Pacer and Swan's moderate tier trades away some upside (a cap set each period) for a floor you know going in.

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.

PSMR The Fund seeks to match the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a downside buffer over an approximately one-year 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.
  • PSMR Charges 0.49% a year against a 0.79% median in its buffered-SPY cohort, and undercuts Pacer's own single-month siblings like PJUL and POCT at 0.79%.
  • The contract is spelled out: a 15-point buffer against SPDR S&P 500 ETF Trust losses over roughly a one-year period, with upside capped at a level set when the period begins.paceretfs.com
  • Terms reset on April 1 each year, so the new buffer and cap arrive on a known calendar date instead of whenever you happened to buy in.paceretfs.com
  • Running since 2021, so this April series has cycled through several complete outcome periods rather than being a fresh launch with a paper track record.

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.
  • PSMR Thinly traded next to the biggest names in buffer land, so spreads and order size are worth a look before you place a trade.
  • The cap cuts both ways: big SPY years get trimmed, and the stated buffer and cap only line up in full for a holder who rides one April reset to the next.
  • Not an income vehicle. It has not been paying a regular distribution, so whatever the strategy delivers shows up in the share price.

Full PNOV profile⁠

Full PSMR profile⁠

PNOV vs PSMR 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 PSMR Cost

Overpaying PNOV vs PSMR

$5,382

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

  • PNOV 0.79%

    $15,174

  • PSMR 0.49%

    $9,792

$10,000
30 years

Cost over time

  • PNOV 0.79%
  • PSMR 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 $15,174PSMR $9,792

Year by year

YearPNOVPSMROverpaying
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%PSMR, cheaper
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

PSMR 5th cheapest of 51 funds

PNOV 24th cheapest of 51 funds

PNOV vs PSMR Dividends

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

Distribution history

PNOVAll PNOV payments⁠

No distribution history available.

PSMRAll PSMR payments⁠

No distribution history available.

PNOV vs PSMR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PNOV 5.9%, betterPSMR 6.0%
Return per unit of riskSharpe ratio, 3 years
PNOV 1.25PSMR 1.31, better
Worst fallMax drawdown, 5 years
PNOV −10.6%, betterPSMR −11.8%
Market sensitivityBeta, 5 years
PNOV 0.50PSMR 0.45

Popular comparisons

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