Which resets first, NVBT or NVBU?

NVBT 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, NVBT or NVBU?

NVBT and NVBU both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

NVBT vs NVBU: Cap, Buffer & Days Left

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

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Net assets on Nov 3, 2026: $28m for AllianzIM U.S. Equity Buffer10 ETF - Nov and $34m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov.

NVBT on its own →NVBU on its own →

At a glance

1.7%

NVBT can fall this far before its buffer

1.7%

NVBU can fall this far before its buffer

16.1%

NVBT can still gain

uncapped

NVBU can still gain

NVBT Between buffer and cap

NVBT: reference +1.5% since period start, fund +0.9%; buffer 0 to −10; cap +18.0%; 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

Both cost 0.74% a year; their one-year returns differ by 4.3 points; NVBU is 1.2 times larger.

Points (pts) are percentage points.

NVBT vs NVBU: Cap, Buffer & Days Left
Measure	NVBT	NVBU
Return
Measure	NVBT	NVBU
Total return, 1 year	+12.0%	+7.7%
Drawdown
Measure	NVBT	NVBU
Index fall to the buffer	1.4%
Benchmark
Measure	NVBT	NVBU
What it tracks	SPY	SPY
Cost and size
Measure	NVBT	NVBU
Expense ratio	0.74%	0.74%
Net assets, as of Nov 3, 2026	$28m	$34m
Holdings
Measure	NVBT	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 Score38.7NVBT83.2NVBU

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

NVBT 38.7

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: NVBT vs NVBU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	NVBT	NVBU	NVBT	NVBU
3 months	+0.4%	−1.9%	+0.8 pts	−1.5 pts
6 months	+4.5%	+1.6%	0.0 pts	−2.9 pts
1 year	+12.0%	+7.7%	−1.6 pts	−5.9 pts
3 years	+47.3%	–	−29.1 pts	–
Since launchNot the same days: NVBT Nov 2022 · NVBU Nov 2024	+62.6%	+23.4%	−36.8 pts	−10.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

NVBT AllianzIM U.S. Equity Buffer10 ETF - Nov · Absorbs the first 10% of loss on SPY and caps the gain at 18.0%, 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 AllianzIM AllianzIM

Reference index SPY SPY

Buffer 10% 15%

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

Days left 361 361

Starting cap +18.0% uncapped

Can still gain 16.1% uncapped

Fall before buffer 1.7% 1.7%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +1.5% +1.5%

Fund return this period +0.9% +0.9%

State today Open Uncapped

Expense ratio 0.74% 0.74%

Net assets, as of Nov 3, 2026 $28m $34m

As of Nov 4, 2026. Source: ETFIQ.

Both are AllianzIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

NVBT resets first, on Oct 31, 2027, 361 days from now; NVBU runs to Oct 31, 2027, 361 days. A fall from here reaches NVBT’s buffer after 1.7% 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

NVBT

From its price on Nov 4, 2026, the fund can gain about 16.1% more before it reaches its cap. The fund's price can fall 1.7% 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: 10.0% of the 10.0% 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. 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, NVBT or NVBU?: NVBT 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, NVBT or NVBU?: NVBT and NVBU both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVBT vs CPSO NVBT vs CPSN NVBT vs PBNV NVBT vs OCTM NVBU vs CPSO NVBU vs CPSN NVBU vs DDFN NVBU vs DHDG

Where to next

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

Sources and dates

NVBT and NVBU filings on SEC EDGAR ↗

AllianzIM page for NVBT ↗

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

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