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Data as of Nov 4, 2026.

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Buffer ETFs

BNOV vs NOVP: Cap, Buffer & Days Left

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As of Nov 4, 2026 NOVP can fall 1.5% before its buffer engages and BNOV 1.1%.

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Net assets on Nov 4, 2026: $198m for Innovator U.S. Equity Buffer ETF - Nov and $43m for PGIM S&P 500 Buffer 12 ETF - November.

BNOV on its own →NOVP on its own →
At a glance
1.1%
BNOV can fall this far before its buffer
1.5%
NOVP can fall this far before its buffer
18.9%
BNOV can still gain
14.8%
NOVP can still gain
BNOV Between buffer and cap
Between buffer and capBNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.9 pts of buffer+18.9% more to the cap−9.0% floor0% period start+20.3% cap+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capBNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.9 pts+18.9% to cap−9.0% floor0% start+20.3% cap+1.4% gain capturedTODAY · SPY +1.4%

BNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.

BNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.
NOVP Between buffer and cap
Between buffer and capNOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+14.9% more to the cap−12.0% floor0% period start+16.4% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.12 pts+14.9% to cap−12.0% floor0% start+16.4% cap+1.5% gain capturedTODAY · SPY +1.5%

NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.

NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

NOVP costs 0.29 points a year less; their one-year returns differ by 0.1 points; BNOV is 4.6 times larger.

Points (pts) are percentage points.

BNOV vs NOVP: Cap, Buffer & Days Left
MeasureBNOVNOVP
Return
Total return, 1 year+12.0%+11.9%
Drawdown
Index fall to the buffer1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.50%
Net assets$198m$43m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · NOVP scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score20.5BNOV57.5NOVP

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: BNOV vs NOVP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBNOVNOVPBNOVNOVP
3 months+0.2%+0.9%+0.6 pts+1.2 pts
6 months+4.5%+4.7%0.0 pts+0.2 pts
1 year+12.0%+11.9%−1.6 pts−1.7 pts
3 years+49.2%–−27.2 pts–
Since launchNot the same days: BNOV Nov 2019 · NOVP May 2024+91.2%+34.3%−59.3 pts−10.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BNOV Innovator U.S. Equity Buffer ETF - Nov · Absorbs the first 9% of loss on SPY and caps the gain at 20.3%, over a period ending Oct 31, 2027 NOVP PGIM S&P 500 Buffer 12 ETF - November · Absorbs the first 12% of loss on SPY and caps the gain at 16.4%, over a period ending Oct 31, 2027
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 9% 12%
Outcome period Oct 31, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +20.3% +16.4%
Can still gain 18.9% 14.8%
Fall before buffer 1.1% 1.5%
Protection left, index points 9.0% of 9.0% 12.0% of 12.0%
Index return this period +1.4% +1.5%
Fund return this period +1.1% +1.0%
State today Open Open
Expense ratio 0.79% 0.50%
Net assets $198m $43m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BNOV resets first, on Oct 31, 2027, 361 days from now; NOVP runs to Oct 31, 2027, 361 days. BNOV can still gain 18.9% before its cap, NOVP 14.8%. A fall from here reaches BNOV’s buffer after 1.1% and NOVP’s after 1.5%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
BNOV

From its price on Nov 4, 2026, the fund can gain about 18.9% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% 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. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.

NOVP

From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BNOV or NOVP?
From their prices on Nov 4, 2026, BNOV can gain about 18.9% before its cap and NOVP about 14.8%, so BNOV has more room left this period.
Which resets first, BNOV or NOVP?
BNOV ends its outcome period on Oct 31, 2027 and NOVP on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, BNOV or NOVP?
BNOV charges 0.79% a year and NOVP charges 0.50%, so NOVP is cheaper. Fees come from each fund's prospectus.
Other comparisons
BNOV vs XOCTBNOV vs CPSNBNOV vs NVBUBNOV vs CPSONOVP vs ZNOVNOVP vs UNOVNOVP vs NVBWNOVP vs DHDG
Where to next
SPY →BNOV on its own →NOVP on its own →Method →Standards and sources →
Sources and dates
BNOV filings on SEC EDGAR ↗
Innovator page for BNOV ↗
NOVP filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BNOV against NOVP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bnov-vs-novp

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