Which has more room to gain, BNOV or ZNOV?

From their prices on Oct 13, 2026, BNOV can gain about 3.0% before its cap and ZNOV about 0.2%, so BNOV has more room left this period.

Which resets first, BNOV or ZNOV?

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

Which is cheaper, BNOV or ZNOV?

BNOV and ZNOV both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BNOV vs ZNOV: Cap, Buffer & Days Left

As of Oct 13, 2026 BNOV can fall 12.5% before its buffer engages and ZNOV 6.2%. Net assets on Oct 13, 2026: $201m for Innovator U.S. Equity Buffer ETF - Nov and $106m for Innovator Equity Defined Protection ETF - 1 Yr November.

Both cost 0.79% a year; their one-year returns differ by 8.5 points; BNOV is 1.9 times larger.

Points (pts) are percentage points.

BNOV vs ZNOV: Cap, Buffer & Days Left
	BNOV	ZNOV
Expense ratio	0.79%	0.79%
Net assets	$201m	$106m
Total return, 1 year	+14.6%	+6.1%
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

6.2%

ZNOV can fall this far before its buffer

3.0%

BNOV can still gain

0.2%

ZNOV 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.

ZNOVAt its cap

ZNOV: reference +14.1% since period start, fund +5.8%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. ZNOV 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.

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

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, 18 days from now; ZNOV runs to Oct 31, 2026, 18 days. BNOV can still gain 3.0% before its cap, ZNOV 0.2%. A fall from here reaches BNOV’s buffer after 12.5% and ZNOV’s after 6.2%. 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 ZNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BNOV	ZNOV	BNOV	ZNOV
3 months	+3.7%	+1.8%	+0.2 pts	−1.7 pts
6 months	+10.5%	+4.0%	−1.5 pts	−8.0 pts
1 year	+14.6%	+6.1%	−2.7 pts	−11.2 pts
3 years	+51.2%	not published	−29.1 pts	not published
Since launch Not the same days: BNOV Nov 2019 · ZNOV Nov 2024	+94.4%	+12.6%	−59.8 pts	−23.6 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

ZNOV

Innovator Equity Defined Protection ETF - 1 Yr November · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

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

Days left 18 18

Starting cap +17.6% +6.8%

Can still gain 3.0% 0.2%

Fall before buffer 12.5% 6.2%

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

Index return this period +14.1% +14.1%

Fund return this period +13.3% +5.8%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $201m $106m

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 ZNOV

SPY had already risen past this fund's cap of +6.8% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.2% as the period runs out. The fund's price can fall 6.2% 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 ZNOV?: From their prices on Oct 13, 2026, BNOV can gain about 3.0% before its cap and ZNOV about 0.2%, so BNOV has more room left this period.
Which resets first, BNOV or ZNOV?: BNOV ends its outcome period on Oct 31, 2026 and ZNOV on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, BNOV or ZNOV?: BNOV and ZNOV both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BNOV vs UNOV BNOV vs NVBW BNOV vs DHDG BNOV vs SIXZ ZNOV vs CPSO ZNOV vs GOCT ZNOV vs NVBW ZNOV vs DHDG

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BNOV on its own →ZNOV on its own →How every figure is computed →Standards and sources →

Where these figures came from

BNOV and ZNOV filings on SEC EDGAR ↗Innovator page for BNOV ↗Innovator page for ZNOV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

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 ZNOV, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bnov-vs-znov

Open data

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