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Data as of Nov 4, 2026.

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Buffer ETFs

NVBW vs UNOV: Cap, Buffer & Days Left

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As of Nov 4, 2026 UNOV can fall 5.7% before its buffer engages and NVBW 1.4%.

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Net assets: $101m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Nov, and $112m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Nov.

NVBW on its own →UNOV on its own →
At a glance
1.4%
NVBW can fall this far before its buffer
5.7%
UNOV can fall this far before its buffer
11.2%
NVBW can still gain
13.6%
UNOV can still gain
NVBW Between buffer and cap
Between buffer and capNVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+11.2% to cap−20.0% floor0% period start+12.7% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capNVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.20 pts−20.0% floor0% start+12.7% cap+1.5% gain captured+11.2% more to the capTODAY · SPY +1.5%

NVBW: 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.

NVBW: 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.
UNOV Between buffer and cap
Between buffer and capUNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+13% more to the cap−35.0% floor−5.0% buffer start0% period start+14.5% capfirst 5 pts are yours to lose+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capUNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+14.5% capfirst 5 pts are yours to lose+1.4% gain captured+13% more to the capTODAY · SPY +1.4%

UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

NVBW costs 0.05 points a year less; their one-year returns differ by 0.1 points; UNOV is 1.1 times larger.

Points (pts) are percentage points.

NVBW vs UNOV: Cap, Buffer & Days Left
MeasureNVBWUNOV
Return
Total return, 1 year+11.2%+11.3%
Drawdown
Index fall to the buffer1.4%6.3%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.79%
Net assets, as of Nov 3, 2026$101m$107m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · NVBW scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score96.4NVBW71.7UNOV

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

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: NVBW vs UNOV: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowNVBWUNOVNVBWUNOV
3 months+2.7%+2.6%+3.1 pts+3.0 pts
6 months+5.8%+5.7%+1.3 pts+1.2 pts
1 year+11.2%+11.3%−2.4 pts−2.2 pts
3 years+35.7%+38.3%−40.7 pts−38.1 pts
Since launchNot the same days: NVBW Nov 2022 · UNOV Nov 2019+48.2%+63.5%−51.2 pts−87.0 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

NVBW AllianzIM U.S. Equity Buffer20 ETF - Nov · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 2027 UNOV Innovator U.S. Equity Ultra Buffer ETF - Nov · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.5%, over a period ending Oct 31, 2027
Issuer AllianzIM Innovator
Reference index SPY SPY
Buffer 20% 5% to 35%
Outcome period Nov 1, 2026 to Oct 31, 2027 Oct 31, 2026 to Oct 31, 2027
Days left 361 361
Starting cap +12.7% +14.5%
Can still gain 11.2% 13.6%
Fall before buffer 1.4% 5.7%
Protection left, index points 20.0% of 20.0% 30.0% of 30.0%
Index return this period +1.5% +1.4%
Fund return this period +0.7% +0.7%
State today Open Open
Expense ratio 0.74% 0.79%
Net assets, NVBW as of Nov 3, 2026 and UNOV as of Nov 4, 2026 $101m $112m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

NVBW resets first, on Oct 31, 2027, 361 days from now; UNOV runs to Oct 31, 2027, 361 days. NVBW can still gain 11.2% before its cap, UNOV 13.6%. A fall from here reaches NVBW’s buffer after 1.4% and UNOV’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund
NVBW

From its price on Nov 4, 2026, the fund can gain about 11.2% more before it reaches its cap. The fund's price can fall 1.4% 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: 20.0% of the 20.0% 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.

UNOV

From its price on Nov 4, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% 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, NVBW or UNOV?
From their prices on Nov 4, 2026, NVBW can gain about 11.2% before its cap and UNOV about 13.6%, so UNOV has more room left this period.
Which resets first, NVBW or UNOV?
NVBW ends its outcome period on Oct 31, 2027 and UNOV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, NVBW or UNOV?
NVBW charges 0.74% a year and UNOV charges 0.79%, so NVBW is cheaper. Fees come from each fund's prospectus.
Other comparisons
NVBW vs PNOVNVBW vs DHDGNVBW vs DDFNNVBW vs SIXZUNOV vs DHDGUNOV vs DDFNUNOV vs ZNOVUNOV vs SIXZ
Where to next
SPDR® S&P 500® ETF Trust →NVBW on its own →UNOV on its own →Method →Standards and sources →
Sources and dates
NVBW filings on SEC EDGAR ↗
AllianzIM page for NVBW ↗
UNOV filings on SEC EDGAR ↗
Innovator page for UNOV ↗

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, NVBW against UNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/nvbw-vs-unov

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