Which has more room to gain, BNOV or PMNV?

From their prices on Oct 2, 2026, BNOV can gain about 4.2% before its cap and PMNV about 0.7%, so BNOV has more room left this period.

Which resets first, BNOV or PMNV?

BNOV ends its outcome period on Oct 31, 2026 and PMNV on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, BNOV or PMNV?

BNOV charges 0.79% a year and PMNV charges 0.50%, so PMNV is cheaper. Fees come from each fund's prospectus.

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BNOV vs PMNV: which one stands where?

As of Oct 2, 2026 BNOV can fall 11.5% before its buffer engages and PMNV 6.1%. Innovator U.S. Equity Buffer ETF - Nov and PGIM S&P 500 Max Buffer ETF - November.

PMNV costs 0.29 points a year less; BNOV is 39.5 times larger.

	BNOV	PMNV
Expense ratio	0.79%	0.50%
Net assets	$199m	$5m
Total return, 1 year	+13.4%	not published
What it tracks	SPY	SPY
Holdings in common	not published

11.5%

BNOV can fall this far before its buffer

6.1%

PMNV can fall this far before its buffer

4.2%

BNOV can still gain

0.7%

PMNV can still gain

BNOVBetween buffer and cap

BNOV: reference +12.8% since period start, fund +12.1%; buffer 0 to −9; cap +17.6%; Between buffer and cap.

PMNVAt its cap

PMNV: reference +12.8% since period start, fund +5.9%; buffer Floor; cap +7.1%; At its cap.

These are two different products. PMNV is a floor fund, which caps how far a holder can fall. BNOV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

BNOV resets first, on Oct 31, 2026, 29 days from now; PMNV runs to Oct 31, 2026, 29 days. BNOV can still gain 4.2% before its cap, PMNV 0.7%. A fall from here reaches BNOV’s buffer after 11.5% and PMNV’s after 6.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BNOV	PMNV	BNOV	PMNV
3 months	+3.5%	+2.1%	−0.1 pts	−1.5 pts
6 months	+14.1%	+5.4%	−3.8 pts	−12.6 pts
1 year	+13.4%	not published	−2.8 pts	not published
3 years	+53.1%	not published	−36.2 pts	not published

BNOV and PMNV over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

PMNV

PGIM S&P 500 Max Buffer ETF - November · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Oct 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 9% 100%

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

Days left 29 29

Starting cap +17.6% +7.1%

Can still gain 4.2% 0.7%

Fall before buffer 11.5% 6.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.8% +12.8%

Fund return this period +12.1% +5.9%

State today Open At cap

Expense ratio 0.79% 0.50%

Net assets $199m $5m

BNOV and PMNV on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BNOV in plain words

From its price on Oct 2, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% 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. 29 days remained on Oct 2, 2026. On Oct 31, 2026 the period ends and a new cap is set.

PMNV in plain words

SPY had already risen past this fund's cap of +7.1% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.7% as the period runs out. The fund's price can fall 6.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BNOV or PMNV?: From their prices on Oct 2, 2026, BNOV can gain about 4.2% before its cap and PMNV about 0.7%, so BNOV has more room left this period.
Which resets first, BNOV or PMNV?: BNOV ends its outcome period on Oct 31, 2026 and PMNV on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, BNOV or PMNV?: BNOV charges 0.79% a year and PMNV charges 0.50%, so PMNV is cheaper. Fees come from each fund's prospectus.

Other comparisons

BNOV vs NVBU BNOV vs NVBW BNOV vs OCTM BNOV vs PBNV PMNV vs CPSN PMNV vs CPSO PMNV vs DDFN PMNV vs DDTN

SPY →BNOV on its own →PMNV 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 ↗PMNV filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BNOV against PMNV, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bnov-vs-pmnv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.