At a glance
NOVP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $31.7M in assets, the 8th largest of that group. Over the past year it returned +12.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - November (NOVP) holds customized FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each one-year period starting November 1, it aims to absorb the first 12% of SPY's price losses, before fees, in exchange for a cap on gains. Its 0.50% annual fee is the lowest of eight buffer funds compared, but it is the smallest, at $31.7 million as of July 31, 2026.
Price history
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NOVP +12.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NOVP official prospectus, to Dec 31, 2025 | — | +11.74% | — | — | — | +12.88% |
| NOVP price data to Oct 27, 2026 | +11.3% | +12.4% | — | — | — | +13.3% |
- Over the year to Oct 27, 2026, NOVP returned +12.4%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.1%); its best was 2025 (+12.1%).
- The deepest fall in its price history was 11.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 9, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +12.1% | +11.74% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.98%, -0.15%, +0.50%.
How it works
NOVP, issued by Prudential, is actively managed but does not pick stocks. Almost all its assets are FLEX options: exchange-traded options with customized terms, such as the expiration date and strike price (the SPY price at which an option pays off). They are tied to SPY, a unit investment trust holding the S&P 500's stocks. As of July 31, 2026, two blocks of SPY call options, at 82.4% and 17.4% of assets, tracked SPY's price. Puts with a $682.06 strike, paired with a sold put at $600.21, about 12% lower, formed the buffer.
The options are bought at the start of each one-year target outcome period and can be exercised only on its last day. For November 1, 2025, through October 31, 2026, the cap was 15.33% and the buffer 12%, before fees; after the 0.50% management fee they were 14.83% and 11.5%. Beyond a 12% drop, losses pass through one-for-one: if SPY falls 25%, the fund loses about 13% before fees. Each November 1 the fund rolls into new options. The buffer stays at 12%, but the cap changes with market conditions.
These outcomes apply only to shares held for a whole period; investing or exiting partway through can produce very different results. Returns follow SPY's share price only, so dividends are excluded.
What it really costs
- NOVP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NOVP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps S&P 500 exposure through SPY while aiming to absorb the first 12% of losses over each November-to-October period, giving up gains above a cap and all dividends.
NOVP launched on May 21, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.74%, per its prospectus. Its deepest drop, 11.8%, ran from February 19 to April 8, 2025, and it recovered by June 9, about two months later. That slide shows the buffer is measured over the whole November-to-October period, not day to day: a retiree forced to cash out mid-period in a slump could still take a sizable loss.
The fund has no recorded distributions and excludes SPY's dividends, so spending money would come from selling shares. Its 0.50% fee is below the 0.86% average for similar buffer funds; in the SEC's standard example, costs on $10,000 total $51 after one year and $628 after 10 years. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a cushion against the first 12% of SPY's price losses, who can hold from November 1 through October 31.
- Cost-conscious buffer-fund investors: its 0.50% annual fee is the lowest of eight buffer funds compared, against a 0.86% peer average.
- Investors willing to give up gains above a yearly cap, which was 15.33% before fees for November 2025 through October 2026, for limited downside protection.
Look elsewhere if
- Income seekers: NOVP has no recorded distributions, and its returns exclude dividends from SPY and S&P 500 companies.
- Anyone who may enter or exit mid-period: protection applies only over the full outcome period, and shares fell 11.8% between February and April 2025.
- Those wanting uncapped stock gains or a large fund: upside stops at each period's cap, and assets were $31.7 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NOVP this fund | 0.5% | $31.7M | +12.4% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the NOVP 12% buffer work?
It aims to absorb the first 12% of SPY's price decline, before fees, for investors who hold for a full one-year outcome period running November 1 to October 31. After the 0.50% management fee, the buffer is 11.5%. Losses beyond 12% pass through one-for-one, so a 25% SPY drop would mean about a 13% fund loss before fees. In return, gains are capped: from November 1, 2025, through October 31, 2026, the cap was 15.33% before fees, or 14.83% after.
Does NOVP pay dividends?
No. NOVP has no recorded distributions. It holds options on SPY rather than SPY shares or stocks, and its prospectus states that its performance will not reflect dividends paid by SPY or the companies in the S&P 500. That is a trade-off versus owning SPY directly, because dividends make up part of the stock market's total return. Investors who need regular income would have to raise cash by selling shares or rely on other holdings.
What happens if you invest in NOVP partway through the outcome period?
Results can differ sharply from the stated 12% buffer and cap. NOVP's options are bought at the start of each period and can be exercised only on its last day. An investor who gets in after the fund has risen may have little upside left before the cap and more loss to absorb before the buffer begins. One who gets in after a fall may find part of the buffer already used up. The prospectus says shares must be held for the entire period to seek the target outcomes.
NOVP vs FDEC: what's the difference?
NOVP is cheaper and far smaller. NOVP charges 0.50% a year, against 0.85% for FT Vest US Equity Buffer ETF - December (FDEC). FDEC held $1.3 billion in net assets as of August 31, 2026, versus $31.7 million for NOVP as of July 31, 2026. Over the year to October 27, 2026, FDEC returned 12.9% and NOVP 12.4%. Because the two reset in different months, their caps, starting points and one-year results are not directly comparable.
Can you lose money in NOVP?
Yes. The buffer is not a guarantee and does not protect the amount invested. If SPY falls more than 12% over an outcome period, the fund takes the extra losses one-for-one, and fees trim the buffer to about 11.5%. The share price can also drop sharply partway through a period, because the buffer is measured at the period's end: NOVP fell 11.8% between February 19 and April 8, 2025, before recovering by June 9, 2025.