Data as of .
BNOV vs PMNV: which one stands where?
As of Sep 21, 2026 BNOV can fall 11.6% before its buffer engages and PMNV 5.9%.
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.
Where each one stands today
BNOV resets first, on Oct 31, 2026, 40 days from now; PMNV runs to Oct 31, 2026, 40 days. BNOV can still gain 4.0% before its cap, PMNV 0.9%. A fall from here reaches BNOV’s buffer after 11.6% and PMNV’s after 5.9%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BNOV | PMNV | BNOV | PMNV | |
| 3 months | +2.4% | +1.8% | +0.1 pts | −0.4 pts |
| 6 months | +14.2% | +5.3% | −3.9 pts | −12.7 pts |
| 1 year | +13.0% | not published | −3.5 pts | not published |
| 3 years | +44.4% | not published | −34.0 pts | not published |
| 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 | 40 | 40 |
| Starting cap | +17.6% | +7.1% |
| Can still gain | 4.0% | 0.9% |
| Fall before buffer | 11.6% | 5.9% |
| Protection left, index points | 9.0% of 9.0% | 100.0% of 100.0% |
| Index return this period | +13.5% | +13.4% |
| Fund return this period | +12.3% | +5.7% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.50% |
| Net assets | $199m | $5m |
BNOV in plain words
From its price on Sep 21, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 11.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 40 days remained on Sep 21, 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 Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.9% as the period runs out. The fund's price can fall 5.9% 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 Sep 21, 2026, BNOV can gain about 4.0% before its cap and PMNV about 0.9%, 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BNOV against PMNV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bnov-vs-pmnv Free to use with attribution; the underlying files are at Open data.