Data as of .
UNOV vs ZNOV: which one stands where?
As of Sep 21, 2026 UNOV can fall 14.1% before its buffer engages and ZNOV 5.8%.
These are two different products. ZNOV is a floor fund, which caps how far a holder can fall. UNOV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
UNOV resets first, on Oct 31, 2026, 40 days from now; ZNOV runs to Oct 31, 2026, 40 days. UNOV can still gain 1.4% before its cap, ZNOV 0.7%. A fall from here reaches UNOV’s buffer after 14.1% and ZNOV’s after 5.8%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| UNOV | ZNOV | UNOV | ZNOV | |
| 3 months | +2.7% | +1.7% | +0.4 pts | −0.6 pts |
| 6 months | +10.6% | +5.1% | −7.4 pts | −12.9 pts |
| 1 year | +10.2% | +6.0% | −6.3 pts | −10.6 pts |
| 3 years | +32.2% | not published | −46.2 pts | not published |
| UNOV Innovator U.S. Equity Ultra Buffer ETF - Nov Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.0%, over a period ending Oct 31, 2026 | ZNOV Innovator Equity Defined Protection ETF - 1 Yr November Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% to 35% | 100% |
| Outcome period | Oct 31, 2025 to Oct 31, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 40 | 40 |
| Starting cap | +12.0% | +6.8% |
| Can still gain | 1.4% | 0.7% |
| Fall before buffer | 14.1% | 5.8% |
| Protection left, index points | 30.0% of 30.0% | 100.0% of 100.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +9.6% | +5.4% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $106m | $105m |
UNOV in plain words
SPY had already risen past this fund's cap of +12.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 14.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
ZNOV in plain words
SPY had already risen past this fund's cap of +6.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.7% as the period runs out. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, UNOV or ZNOV?
- From their prices on Sep 21, 2026, UNOV can gain about 1.4% before its cap and ZNOV about 0.7%, so UNOV has more room left this period.
- Which resets first, UNOV or ZNOV?
- UNOV ends its outcome period on Oct 31, 2026 and ZNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, UNOV or ZNOV?
- UNOV charges 0.79% a year and ZNOV charges 0.79%, so UNOV is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, UNOV against ZNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/unov-vs-znov Free to use with attribution; the underlying files are at Open data.