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Launched

Innovator U.S. Equity Buffer ETF

BNOVCboeInnovatorC

$48.20−0.29 (−0.61%)

As of Nov 10, 2026, 11:24 AM ET

C50/ 100

Rank 40 of 77 in S&P 500 Buffer 9-12%

C50/100Rank 40 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 24 prints from 48.50 to 48.20. Range 48.20 to 48.41. Use the arrow keys to read each point.48.2548.3048.3548.4048.4510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$195M
1Y total return
+11.1%
Yield · Last 12 months
No data
Holdings
503
Avg volume · 30D
17.6K sh
52W range
low $42.05high $50.04
Launched

The ETF.net BNOV Grade

C

Score 50 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
40 of 77
Six-pillar profile for BNOV. Scores out of 100: Cost 40, Risk 34, Mission 84, Tradability 54, Holdings 89, Durability 76. Strongest: Holdings (89). Weakest: Risk (34). Leans toward Holdings and Mission.

Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A84 out of 100
    Rank 6 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D34 out of 100
    Rank 63 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C54 out of 100
    Rank 33 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A89 out of 100
    Rank 3 of 45

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A76 out of 100
    Rank 20 of 77

Our read on BNOV

ETF.net Research

In short

CThe November rung of Innovator's buffer lineup: it follows the big S&P 500 ETF up to a cap set each November 1 and absorbs that ETF's first 9% of losses, then starts over a year later.

Stated mandate

The fund seeks to track SPY up to a predetermined cap while buffering investors against the first 9% of losses over the outcome period.

Why people hold it

  • The contract is simple: the first 9% of the reference S&P 500 ETF's decline is buffered over the outcome period, with gains capped at a level fixed at the start.
  • Running since its 2019 launch, it resets on a fixed calendar: a fresh buffer and cap every November 1, through the following October 31.
  • The 0.79% expense ratio sits right at the median for shallow-buffer funds built on the same S&P 500 ETF.
  • The defined outcome arrives in a plain 1940 Act ETF wrapper, not a bank-issued structured note.

Worth knowing

  • Priced with the pack at 0.79%, but cheaper paths to a buffer exist, including the laddered BUFB at 0.10%.
  • The buffer and cap are engineered for a full outcome period. Buying mid-period means your effective protection and upside differ from the headline terms.
  • It trades thinly next to its peers, and across a crowded field of 50-plus shallow-buffer funds it sits in the lower half on cost, trading and risk.

BNOV Performance

Launched Nov 1, 2019

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
BNOV$11,109
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. BNOV $11,109. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BNOV. Periods over one year show the average yearly return.
PeriodBNOV
Year to date+9.1%
1 month−2.9%
3 months−1.3%
1 year+11.1%
3 yearsper year+13.9%
5 yearsper year+8.3%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BNOV
YearReturn barBNOV
2026 YTD+9.1%
2025+13.2%
2024+12.5%
2023+17.2%
2022−9.6%
2021+10.6%
2020+11.8%

BNOV in the news

BNOV Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BNOV Risk

Risk pillarD34 out of 100Rank 63 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
8.0%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.23
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−16.3%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.71
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BNOV Cost

Compare BNOV and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BNOV 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • BNOV 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BNOV $15,174XTR $5,159

Year by year

YearBNOVXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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