Which resets first, NVBU or PBNV?

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

Which is cheaper, NVBU or PBNV?

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

Data as of Nov 4, 2026.

Buffer ETFs

NVBU vs PBNV: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBU can fall 1.7% before its buffer engages and PBNV 1.2%.

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Net assets: $34m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Nov, and $42m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - November .

NVBU on its own →PBNV on its own →

At a glance

1.7%

NVBU can fall this far before its buffer

1.2%

PBNV can fall this far before its buffer

uncapped

NVBU can still gain

11.5%

PBNV can still gain

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.

PBNV Between buffer and cap

PBNV: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBNV costs 0.24 points a year less; their one-year returns differ by 3.5 points; PBNV is 1.1 times larger.

Points (pts) are percentage points.

NVBU vs PBNV: Cap, Buffer & Days Left
Measure	NVBU	PBNV
Return
Measure	NVBU	PBNV
Total return, 1 year	+7.7%	+11.2%
Drawdown
Measure	NVBU	PBNV
Index fall to the buffer	1.4%
Benchmark
Measure	NVBU	PBNV
What it tracks	SPY	SPY
Cost and size
Measure	NVBU	PBNV
Expense ratio	0.74%	0.50%
Net assets, as of Nov 3, 2026	$34m	$37m
Holdings
Measure	NVBU	PBNV
Holdings in common	not published

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

IQ Buffer Score83.2NVBU97.4PBNV

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

NVBU 83.2

PBNV 97.4

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: NVBU vs PBNV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	NVBU	PBNV	NVBU	PBNV
3 months	−1.9%	+2.6%	−1.5 pts	+3.0 pts
6 months	+1.6%	+5.7%	−2.9 pts	+1.2 pts
1 year	+7.7%	+11.2%	−5.9 pts	−2.4 pts
Since launchNot the same days: NVBU Nov 2024 · PBNV May 2024	+23.4%	+29.2%	−10.9 pts	−15.5 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

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 PBNV PGIM S&P 500 Buffer 20 ETF - November · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 2027

Issuer AllianzIM PGIM

Reference index SPY SPY

Buffer 15% 20%

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

Days left 361 361

Starting cap uncapped +12.7%

Can still gain uncapped 11.5%

Fall before buffer 1.7% 1.2%

Protection left, index points 15.0% of 15.0% 20.0% of 20.0%

Index return this period +1.5% +1.5%

Fund return this period +0.9% +0.7%

State today Uncapped Open

Expense ratio 0.74% 0.50%

Net assets, NVBU as of Nov 3, 2026 and PBNV as of Nov 4, 2026 $34m $42m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

NVBU resets first, on Oct 31, 2027, 361 days from now; PBNV runs to Oct 31, 2027, 361 days. A fall from here reaches NVBU’s buffer after 1.7% and PBNV’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and new terms are set.

PBNV

From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. On Oct 31, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

NVBU vs OCTM NVBU vs ZNOV NVBU vs BNOV NVBU vs PMNV PBNV vs DDFN PBNV vs DHDG PBNV vs BNOV PBNV vs PMNV

Where to next

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

Sources and dates

NVBU filings on SEC EDGAR ↗

AllianzIM page for NVBU ↗

PBNV filings on SEC EDGAR ↗

PGIM website ↗

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

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