Which resets first, BNOV or NVBU?

BNOV ends its outcome period on Oct 31, 2026 and NVBU on Oct 31, 2026. New terms are set the day after each.

Which is cheaper, BNOV or NVBU?

BNOV charges 0.79% a year and NVBU charges 0.74%, so NVBU is cheaper. Fees come from each fund's prospectus.

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BNOV vs NVBU: Cap, Buffer & Days Left

As of Oct 13, 2026 BNOV can fall 12.5% before its buffer engages and NVBU 9.4%. Net assets on Oct 13, 2026: $201m for Innovator U.S. Equity Buffer ETF - Nov and $36m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov.

NVBU costs 0.05 points a year less; their one-year returns differ by 2.1 points; BNOV is 5.6 times larger.

Points (pts) are percentage points.

BNOV vs NVBU: Cap, Buffer & Days Left
	BNOV	NVBU
Expense ratio	0.79%	0.74%
Net assets	$201m	$36m
Total return, 1 year	+14.6%	+12.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%

12.5%

BNOV can fall this far before its buffer

9.4%

NVBU can fall this far before its buffer

3.0%

BNOV can still gain

uncapped

NVBU can still gain

BNOVBetween buffer and cap

BNOV: reference +14.1% since period start, fund +13.3%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 13, 2026.

NVBUNo cap

NVBU: reference +14.1% since period start, fund +9.5%; buffer 0 to −15; no cap; No cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · NVBU scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BNOV 10.8

NVBU 49.8

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 →

Where each one stands today

BNOV resets first, on Oct 31, 2026, 18 days from now; NVBU runs to Oct 31, 2026, 18 days. A fall from here reaches BNOV’s buffer after 12.5% and NVBU’s after 9.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BNOV vs NVBU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BNOV	NVBU	BNOV	NVBU
3 months	+3.7%	+2.4%	+0.2 pts	−1.1 pts
6 months	+10.5%	+8.4%	−1.5 pts	−3.6 pts
1 year	+14.6%	+12.5%	−2.7 pts	−4.8 pts
3 years	+51.2%	not published	−29.1 pts	not published
Since launch Not the same days: BNOV Nov 2019 · NVBU Nov 2024	+94.4%	+26.2%	−59.8 pts	−10.1 pts

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

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

NVBU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Oct 31, 2026

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 15%

Outcome period Oct 31, 2025 to Oct 31, 2026 Nov 1, 2025 to Oct 31, 2026

Days left 18 18

Starting cap +17.6% uncapped

Can still gain 3.0% uncapped

Fall before buffer 12.5% 9.4%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +14.1% +14.1%

Fund return this period +13.3% +9.5%

State today Open Uncapped

Expense ratio 0.79% 0.74%

Net assets $201m $36m

As of Oct 13, 2026. Source: ETFIQ.

About BNOV

From its price on Oct 13, 2026, the fund can gain about 3.0% 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 12.3% 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. 18 days remained on Oct 13, 2026. On Oct 31, 2026 the period ends and a new cap is set.

About NVBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Oct 31, 2026 the period ends and new terms are set.

Questions people ask

Which resets first, BNOV or NVBU?: BNOV ends its outcome period on Oct 31, 2026 and NVBU on Oct 31, 2026. New terms are set the day after each.
Which is cheaper, BNOV or NVBU?: BNOV charges 0.79% a year and NVBU charges 0.74%, so NVBU is cheaper. Fees come from each fund's prospectus.

Other comparisons

BNOV vs NVBT BNOV vs GOCT BNOV vs DOCT BNOV vs PNOV NVBU vs UNOV NVBU vs ZNOV NVBU vs NVBW NVBU vs DHDG

SPY →BNOV on its own →NVBU 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 ↗NVBU filings on SEC EDGAR ↗AllianzIM page for NVBU ↗

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 pageCitation, APA and Markdown

ETFIQ, BNOV against NVBU, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bnov-vs-nvbu

Open data

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