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Data as of Nov 4, 2026.

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Buffer ETFs

BNOV vs NVBT: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBT can fall 1.7% before its buffer engages and BNOV 1.1%.

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Net assets: $198m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Nov, and $28m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Nov.

BNOV on its own →NVBT on its own →
At a glance
1.1%
BNOV can fall this far before its buffer
1.7%
NVBT can fall this far before its buffer
18.9%
BNOV can still gain
16.1%
NVBT 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.
NVBT Between buffer and cap
Between buffer and capNVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+16.5% more to the cap−10.0% floor0% period start+18.0% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.10 pts+16.5% to cap−10.0% floor0% start+18.0% cap+1.5% gain capturedTODAY · SPY +1.5%

NVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.

NVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

NVBT costs 0.05 points a year less; both returned +12.0% over a year; BNOV is 6.9 times larger.

Points (pts) are percentage points.

BNOV vs NVBT: Cap, Buffer & Days Left
MeasureBNOVNVBT
Return
Total return, 1 year+12.0%+12.0%
Drawdown
Index fall to the buffer1.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.74%
Net assets, as of Nov 3, 2026$193m$28m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · NVBT scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score20.5BNOV38.7NVBT

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 NVBT: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBNOVNVBTBNOVNVBT
3 months+0.2%+0.4%+0.6 pts+0.8 pts
6 months+4.5%+4.5%0.0 pts0.0 pts
1 year+12.0%+12.0%−1.6 pts−1.6 pts
3 years+49.2%+47.3%−27.2 pts−29.1 pts
Since launchNot the same days: BNOV Nov 2019 · NVBT Nov 2022+91.2%+62.6%−59.3 pts−36.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 NVBT AllianzIM U.S. Equity Buffer10 ETF - Nov · Absorbs the first 10% of loss on SPY and caps the gain at 18.0%, over a period ending Oct 31, 2027
Issuer Innovator AllianzIM
Reference index SPY SPY
Buffer 9% 10%
Outcome period Oct 31, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +20.3% +18.0%
Can still gain 18.9% 16.1%
Fall before buffer 1.1% 1.7%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +1.4% +1.5%
Fund return this period +1.1% +0.9%
State today Open Open
Expense ratio 0.79% 0.74%
Net assets, BNOV as of Nov 4, 2026 and NVBT as of Nov 3, 2026 $198m $28m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BNOV resets first, on Oct 31, 2027, 361 days from now; NVBT runs to Oct 31, 2027, 361 days. BNOV can still gain 18.9% before its cap, NVBT 16.1%. A fall from here reaches BNOV’s buffer after 1.1% and NVBT’s after 1.7%. 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.

NVBT

From its price on Nov 4, 2026, the fund can gain about 16.1% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BNOV or NVBT?
From their prices on Nov 4, 2026, BNOV can gain about 18.9% before its cap and NVBT about 16.1%, so BNOV has more room left this period.
Which resets first, BNOV or NVBT?
BNOV ends its outcome period on Oct 31, 2027 and NVBT on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, BNOV or NVBT?
BNOV charges 0.79% a year and NVBT charges 0.74%, so NVBT is cheaper. Fees come from each fund's prospectus.
Other comparisons
BNOV vs DDTNBNOV vs CPSOBNOV vs NVBUBNOV vs CPSNNVBT vs ZNOVNVBT vs UNOVNVBT vs NVBWNVBT vs GOCT
Where to next
SPY →BNOV on its own →NVBT on its own →Method →Standards and sources →
Sources and dates
BNOV filings on SEC EDGAR ↗
Innovator page for BNOV ↗
NVBT filings on SEC EDGAR ↗
AllianzIM page for NVBT ↗

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 NVBT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bnov-vs-nvbt

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