Data as of Nov 4, 2026.
NVBW vs ZNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 NVBW can fall 1.4% before its buffer engages and ZNOV 0.4%.
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Net assets: $101m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Nov, and $152m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr November.
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.ZNOV: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
NVBW costs 0.05 points a year less; their one-year returns differ by 4.7 points; ZNOV is 1.4 times larger.
Points (pts) are percentage points.
| Measure | NVBW | ZNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.2% | +6.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $101m | $145m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | NVBW | ZNOV | NVBW | ZNOV |
| 3 months | +2.7% | +1.9% | +3.1 pts | +2.3 pts |
| 6 months | +5.8% | +3.6% | +1.3 pts | −0.9 pts |
| 1 year | +11.2% | +6.5% | −2.4 pts | −7.0 pts |
| 3 years | +35.7% | – | −40.7 pts | – |
| Since launchNot the same days: NVBW Nov 2022 · ZNOV Nov 2024 | +48.2% | +13.4% | −51.2 pts | −20.9 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZNOV is a floor fund, which caps how far a holder can fall. NVBW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
NVBW resets first, on Oct 31, 2027, 361 days from now; ZNOV runs to Oct 31, 2027, 361 days. NVBW can still gain 11.2% before its cap, ZNOV 8.3%. A fall from here reaches NVBW’s buffer after 1.4% and ZNOV’s after 0.4%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
ZNOV
From its price on Nov 4, 2026, the fund can gain about 8.3% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
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.
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ETFIQ, NVBW against ZNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/nvbw-vs-znov
ETFIQ. (Nov 4, 2026). NVBW against ZNOV. Retrieved from https://etfiq.com/compare/buffer/nvbw-vs-znov
[NVBW against ZNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/nvbw-vs-znov)
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