Data as of .
BNOV vs UNOV: which one stands where?
As of Sep 21, 2026 UNOV can fall 14.1% before its buffer engages and BNOV 11.6%.
ETFIQ Downside Cover Score: BNOV scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
BNOV resets first, on Oct 31, 2026, 40 days from now; UNOV runs to Oct 31, 2026, 40 days. BNOV can still gain 4.0% before its cap, UNOV 1.4%. A fall from here reaches BNOV’s buffer after 11.6% and UNOV’s after 14.1%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BNOV | UNOV | BNOV | UNOV | |
| 3 months | +2.4% | +2.7% | +0.1 pts | +0.4 pts |
| 6 months | +14.2% | +10.6% | −3.9 pts | −7.4 pts |
| 1 year | +13.0% | +10.2% | −3.5 pts | −6.3 pts |
| 3 years | +44.4% | +32.2% | −34.0 pts | −46.2 pts |
| 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 | UNOV Innovator U.S. Equity Ultra Buffer ETF - Nov Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.0%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 9% | 5% to 35% |
| Outcome period | Oct 31, 2025 to Oct 31, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 40 | 40 |
| Starting cap | +17.6% | +12.0% |
| Can still gain | 4.0% | 1.4% |
| Fall before buffer | 11.6% | 14.1% |
| Protection left, index points | 9.0% of 9.0% | 30.0% of 30.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +12.3% | +9.6% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $199m | $106m |
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.
UNOV in plain words
SPY had already risen past this fund's cap of +12.0% 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 1.4% as the period runs out. The fund's price can fall 14.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, BNOV or UNOV?
- From their prices on Sep 21, 2026, BNOV can gain about 4.0% before its cap and UNOV about 1.4%, so BNOV has more room left this period.
- Which resets first, BNOV or UNOV?
- BNOV ends its outcome period on Oct 31, 2026 and UNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, BNOV or UNOV?
- BNOV charges 0.79% a year and UNOV charges 0.79%, so BNOV 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 UNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bnov-vs-unov Free to use with attribution; the underlying files are at Open data.