Which resets first, NOVP or NVBU?

NOVP ends its outcome period on Oct 31, 2027 and NVBU on Oct 31, 2027. New terms are set the day after each.

Which is cheaper, NOVP or NVBU?

NOVP charges 0.50% a year and NVBU charges 0.74%, so NOVP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

NOVP vs NVBU: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBU can fall 1.7% before its buffer engages and NOVP 1.5%.

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Net assets: $43m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - November, and $34m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov.

NOVP on its own →NVBU on its own →

At a glance

1.5%

NOVP can fall this far before its buffer

1.7%

NVBU can fall this far before its buffer

14.8%

NOVP can still gain

uncapped

NVBU can still gain

NOVP Between buffer and cap

NOVP: reference +1.5% since period start, fund +1.0%; buffer 0 to −12; cap +16.4%; Between buffer and cap. Data to Nov 4, 2026.

NVBU No cap

NVBU: reference +1.5% since period start, fund +0.9%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

NOVP costs 0.24 points a year less; their one-year returns differ by 4.2 points; NOVP is 1.2 times larger.

Points (pts) are percentage points.

NOVP vs NVBU: Cap, Buffer & Days Left
Measure	NOVP	NVBU
Return
Measure	NOVP	NVBU
Total return, 1 year	+11.9%	+7.7%
Drawdown
Measure	NOVP	NVBU
Index fall to the buffer	1.4%
Benchmark
Measure	NOVP	NVBU
What it tracks	SPY	SPY
Cost and size
Measure	NOVP	NVBU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$41m	$34m
Holdings
Measure	NOVP	NVBU
Holdings in common	not published

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

IQ Buffer Score57.5NOVP83.2NVBU

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

NOVP 57.5

NVBU 83.2

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: NOVP vs NVBU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	NOVP	NVBU	NOVP	NVBU
3 months	+0.9%	−1.9%	+1.2 pts	−1.5 pts
6 months	+4.7%	+1.6%	+0.2 pts	−2.9 pts
1 year	+11.9%	+7.7%	−1.7 pts	−5.9 pts
Since launchNot the same days: NOVP May 2024 · NVBU Nov 2024	+34.3%	+23.4%	−10.4 pts	−10.9 pts

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

Side by side

NOVP PGIM S&P 500 Buffer 12 ETF - November · Absorbs the first 12% of loss on SPY and caps the gain at 16.4%, over a period ending Oct 31, 2027 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, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

Outcome period Nov 1, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027

Days left 361 361

Starting cap +16.4% uncapped

Can still gain 14.8% uncapped

Fall before buffer 1.5% 1.7%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +1.5% +1.5%

Fund return this period +1.0% +0.9%

State today Open Uncapped

Expense ratio 0.50% 0.74%

Net assets, NOVP as of Nov 4, 2026 and NVBU as of Nov 3, 2026 $43m $34m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

NOVP resets first, on Oct 31, 2027, 361 days from now; NVBU runs to Oct 31, 2027, 361 days. A fall from here reaches NOVP’s buffer after 1.5% and NVBU’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

NOVP

From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.

NVBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Oct 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, NOVP or NVBU?: NOVP ends its outcome period on Oct 31, 2027 and NVBU on Oct 31, 2027. New terms are set the day after each.
Which is cheaper, NOVP or NVBU?: NOVP charges 0.50% a year and NVBU charges 0.74%, so NOVP is cheaper. Fees come from each fund's prospectus.

Other comparisons

NOVP vs NVBT NOVP vs CPSN NOVP vs XOCT NOVP vs PBNV NVBU vs OCTM NVBU vs PBNV NVBU vs XOCT NVBU vs CPSN

Where to next

SPDR S&P 500 ETF Trust →NOVP on its own →NVBU on its own →Method →Standards and sources →

Sources and dates

NOVP filings on SEC EDGAR ↗

PGIM website ↗

NVBU filings on SEC EDGAR ↗

AllianzIM page for NVBU ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, NOVP against NVBU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/novp-vs-nvbu

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