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BNOV vs FOCT: Cap, Buffer & Days Left

As of Oct 9, 2026 FOCT can fall 13.1% before its buffer engages and BNOV 12.5%, and FOCT resets 15 days sooner. Net assets on Oct 9, 2026: $201m for Innovator U.S. Equity Buffer ETF - Nov and $1.2bn for FT Vest U.S. Equity Buffer ETF - October.

BNOV costs 0.06 points a year less; their one-year returns differ by 0.2 points; FOCT is 6.1 times larger.

BNOVFOCT
Expense ratio0.79%0.85%
Net assets$201m$1.2bn
Total return, 1 year+14.2%+14.4%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.4%14.7%
12.5%
BNOV can fall this far before its buffer
13.1%
FOCT can fall this far before its buffer
3.1%
BNOV can still gain
0.1%
FOCT can still gain
BNOVBetween buffer and cap
Between buffer and capBNOV: reference +14.2% since period start, fund +13.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+14.2% gain captured−9.0% floor0% period start+17.6% cap+3.5% more to the capTODAY · SPY +14.2%Between buffer and capBNOV: reference +14.2% since period start, fund +13.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+14.2% gained−9.0% floor0% start+17.6% cap+3.5% more to the capTODAY · SPY +14.2%

BNOV: reference +14.2% since period start, fund +13.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 9, 2026.

BNOV: reference +14.2% since period start, fund +13.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 9, 2026.

FOCTAt its cap
At its capFOCT: reference +17.2% since period start, fund +14.1%; buffer 0 to −10; cap +15.1%; At its cap. Figures to Oct 9, 2026.10 pts of buffer+15.1% gain captured−10.0% floor0% period start+15.1% capTODAY · SPY +17.2%At its capFOCT: reference +17.2% since period start, fund +14.1%; buffer 0 to −10; cap +15.1%; At its cap. Figures to Oct 9, 2026.10 pts+15.1% gained−10.0% floor0% start+15.1% capTODAY · SPY +17.2%

FOCT: reference +17.2% since period start, fund +14.1%; buffer 0 to −10; cap +15.1%; At its cap. Figures to Oct 9, 2026.

FOCT: reference +17.2% since period start, fund +14.1%; buffer 0 to −10; cap +15.1%; At its cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · BNOV scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

FOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

FOCT resets first, on Oct 16, 2026, 7 days from now; BNOV runs to Oct 31, 2026, 22 days. BNOV can still gain 3.1% before its cap, FOCT 0.1%. A fall from here reaches BNOV’s buffer after 12.5% and FOCT’s after 13.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowBNOVFOCTBNOVFOCT
3 months+3.5%+3.8%+0.4 pts+0.7 pts
6 months+12.3%+11.1%−2.3 pts−3.5 pts
1 year+14.2%+14.4%−1.8 pts−1.6 pts
3 years+50.1%+47.4%−29.0 pts−31.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BNOV
Innovator U.S. Equity Buffer ETF - Nov · Absorbs the first 9% of loss on SPY and caps the gain at 17.6%, over a period ending Oct 31, 2026
FOCT
FT Vest U.S. Equity Buffer ETF - October · Absorbs the first 10% of loss on SPY and caps the gain at 15.1%, over a period ending Oct 16, 2026
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 10%
Outcome period Oct 31, 2025 to Oct 31, 2026 Oct 20, 2025 to Oct 16, 2026
Days left 22 7
Starting cap +17.6% +15.1%
Can still gain 3.1% 0.1%
Fall before buffer 12.5% 13.1%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +14.2% +17.2%
Fund return this period +13.3% +14.1%
State today Open At cap
Expense ratio 0.79% 0.85%
Net assets $201m $1.2bn

As of Oct 9, 2026. Source: ETFIQ.

BNOV in plain words

From its price on Oct 9, 2026, the fund can gain about 3.1% more before it reaches its cap. The fund's price can fall 12.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 22 days remained on Oct 9, 2026. On Oct 31, 2026 the period ends and a new cap is set.

FOCT in plain words

SPY had already risen past this fund's cap of +15.1% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 13.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 7 days remained on Oct 9, 2026. On Oct 16, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BNOV or FOCT?
From their prices on Oct 9, 2026, BNOV can gain about 3.1% before its cap and FOCT about 0.1%, so BNOV has more room left this period.
Which resets first, BNOV or FOCT?
BNOV ends its outcome period on Oct 31, 2026 and FOCT on Oct 16, 2026. A new cap is set the day after each.
Which is cheaper, BNOV or FOCT?
BNOV charges 0.79% a year and FOCT charges 0.85%, so BNOV is cheaper. Fees come from each fund's prospectus.
Other comparisons
BNOV vs DOCTBNOV vs ZNOVBNOV vs NVBWBNOV vs DHDGFOCT vs PBNVFOCT vs NOVPFOCT vs NVBUFOCT vs CPSN
SPY →BNOV on its own →FOCT on its own →How every figure is computed →Standards and sources →
Where these figures came from
BNOV filings on SEC EDGAR ↗Innovator page for BNOV ↗FOCT filings on SEC EDGAR ↗First Trust page for FOCT ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BNOV against FOCT, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bnov-vs-foct

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.