At a glance
PNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $883.0M in assets, the 8th largest of that group. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +13.5% a year. At its worst it fell 18.5% in the 2020 crash (S&P 500: 33.7%) and 10.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 6 months after the lows.
The short version
Innovator U.S. Equity Power Buffer ETF - November (PNOV) is a buffer fund. It uses FLEX options on the SPDR S&P 500 ETF Trust to track the S&P 500 up to a cap, while aiming to absorb the first 15% of losses over each one-year period starting November 1. Its 0.79% expense ratio was the lowest of the eight buffer funds compared. But its three-year return ranked last of the eight as of October 27, 2026.
Price history
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PNOV +11.6% 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 | |
|---|---|---|---|---|---|---|
| PNOV official prospectus, to Dec 31, 2024 | — | +10.34% | — | +7.62% | — | +8.32% |
| PNOV price data to Oct 27, 2026 | +10.6% | +11.6% | +13.5% | +8.6% | — | +8.8% |
- Over the year to Oct 27, 2026, PNOV returned +11.6%, 4th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- In the 2020 COVID crash it fell 18.5% and regained its old high 4.3 months after the low.
- Its worst full calendar year was 2022 (-2.6%); its best was 2023 (+14.1%).
- The deepest fall in its price history was 18.5% (Feb 19, 2020 to Mar 23, 2020), recovered by Jul 31, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +10.3% | +10.34% |
| 2024 | +10.0% | +9.98% |
| 2023 | +14.1% | +14.15% |
| 2022 | -2.6% | -2.35% |
| 2021 | +7.1% | +6.73% |
| 2020 | +10.4% | +10.42% |
| 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 | Lost 18.5% over that stretch · deepest drop along the way 18.5%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.6% over that stretch · deepest drop along the way 10.5%, back to its old high 5.5 months after the low |
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 withdrew a net $94.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.48%, -0.02%, +0.61%.
How it works
PNOV doesn't pick stocks. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates. All of them are on the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, the fund held four option positions and 0.3% cash. One call option has a very low strike price, so it moves almost one-for-one with the underlying ETF. The fund also bought a put near the starting price, sold a put about 15% lower and sold a call about 13.25% higher.
For the period from November 1, 2025 to October 31, 2026, the cap on gains was 13.25% before fees, or 12.46% after the 0.79% fee. The buffer covered the first 15% of losses, or 14.21% after fees. Any losses beyond that pass through one-for-one. If the underlying ETF falls 20%, the fund aims to fall about 5% before fees.
When a period ends, the options expire and the fund buys a new set that expires about a year later. A new cap is set on the first day of each period. These outcomes apply only to holders who own shares for the whole period, and they are measured on net asset value (NAV), the value of the fund's holdings per share, not the market price. Buying or selling mid-period can produce very different results.
What it really costs
- PNOV charges 0.79% 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 $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PNOV | $81 | $252 | $439 | $978 |
Structure and tax notes
- 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 trades some stock-market upside for a defined cushion against moderate S&P 500 losses, which lowered its swings compared with the index.
PNOV launched in November 2019, so it has no record from 2008. In the 2020 COVID crash it fell 18.5% between February 19 and March 23, 2020, and recovered by July 31, about 4.3 months later. That shows how little the buffer may help someone forced to sell partway through a period. In the 2022 bear market its deepest drop was 10.5%, and it had recovered by November 30, 2022. Its worst calendar year was 2022, at -2.35%.
The fund recorded no distributions, so retirees would need to sell shares to draw cash. Its 0.79% expense ratio is below the 0.86% peer average. In the SEC's standard example, $10,000 would cost $81 over one year and $978 over ten. Past results don't predict future ones. A retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with the first 15% of yearly losses buffered, and who accept a cap of about 13% before fees.
- Holders who can buy near November 1 and keep shares through October 31, when the buffer and cap apply in full.
- Cost-conscious buffer investors, since its 0.79% expense ratio was the lowest of the eight buffer funds compared.
Look elsewhere if
- Retirees who need regular income, since the fund recorded no distributions.
- Investors seeking full stock-market gains, since its three-year return ranked last of eight buffer peers as of October 27, 2026.
- Anyone who may need to sell mid-period or fears crashes deeper than 15%, like 2020's 18.5% drop.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PNOV this fund | 0.79% | $883.0M | +11.6% | +13.5% |
| 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
Does PNOV pay dividends?
No. PNOV has no recorded distributions. The fund holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its return comes from how those options perform over each one-year outcome period. Investors who rely on their portfolio for cash would need to sell shares to raise it, or look to other holdings for income.
What is the cap on PNOV?
For the outcome period from November 1, 2025 to October 31, 2026, PNOV's cap was 13.25% before fees, or 12.46% after its 0.79% management fee. Any gain in the underlying ETF above that level is given up. A new cap is set on the first day of each new period starting November 1, so it can be higher or lower. Innovator posts updated figures daily at innovatoretfs.com/pnov.
Can you lose money in PNOV?
Yes. The buffer aims to absorb the first 15% of losses in the SPDR S&P 500 ETF Trust over a full outcome period, but losses beyond 15% pass through one-for-one, and the buffer isn't guaranteed. Mid-period values can fall further. PNOV dropped 18.5% from February 19 to March 23, 2020, and lost 10.59% in the first quarter of 2020. Its worst calendar year was 2022, at -2.35%.
What's the difference between PNOV and PDEC?
They work the same way and differ mainly in start date. Both are Innovator Power Buffer ETFs on the SPDR S&P 500 ETF Trust, and both charge 0.79%. PNOV's outcome period starts November 1, and PDEC's starts in December, so each has its own cap. As of October 27, 2026, both returned 11.6% over one year. PDEC's three-year annualized return was 14.9%, compared with 13.5% for PNOV.
What happens if I buy PNOV in the middle of the year?
You may get a very different cap and buffer from the stated ones. The 13.25% cap and 15% buffer apply only to investors who hold from the first day of the outcome period to the last. Someone who buys after a rally may have little upside left. Someone who buys after a decline may have less buffer left. Innovator's website shows the remaining cap and buffer each day.