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BNOV

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2019-11-01

$49.34−0.21 (−0.42%)

As of Sep 23, 2026, 2:19 PM EDT

Intraday session: down, 54 prints from 49.55 to 49.34. Range 49.24 to 49.53. Use the arrow keys to read each point.$49.30$49.40$49.5010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$199M
1Y return
+14.2%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$48.96
52W range
low $42.05high $49.63

The ETF.net BNOV Grade

C

42/ 100

Rank 53 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BNOV. Scores out of 100: Cost 40, Risk 42, Mission not scored, Tradability 38, Holdings not scored, Durability 77. Strongest: Durability (77). Weakest: Tradability (38). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank45/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 42
    Category rank53/73 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 38
    Category rank49/77 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 77
    Category rank22/77 · top 29%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BNOV

ETF.net Research

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

  1. 01The 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.
  2. 02Running since its 2019 launch, it resets on a fixed calendar: a fresh buffer and cap every November 1, through the following October 31.
  3. 03The 0.79% expense ratio sits right at the median for shallow-buffer funds built on the same S&P 500 ETF.
  4. 04The defined outcome arrives in a plain 1940 Act ETF wrapper, not a bank-issued structured note.

Worth knowing

  1. 01Priced with the pack at 0.79%, but cheaper paths to a buffer exist, including the laddered BUFB at 0.10%.
  2. 02The buffer and cap are engineered for a full outcome period. Buying mid-period means your effective protection and upside differ from the headline terms.
  3. 03It 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 Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
101%
Largest holding
SPY 10/30/2026 6.83 C100.1%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 10/30/2026 6.83 C100.11%2,638$202M1
002—US BANK MMDA - USBGFS 9 09/01/20370.27%544,404$544K161
003—SPY 10/30/2026 682.07 P0.15%2,638$299K1

Showing 1–3 of 3 holdings

BNOV Performance

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

BNOV$11,417
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BNOV $11,417. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+11.5%
1 month+1.2%
3 months+3.9%
1 year+14.2%
3 years+14.6%per year
5 years+9.1%per year
10 yearsFund is under 10 years old—per year

As of the close, 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+11.5%
2025+13.2%
2024+12.5%
2023+17.2%
2022−9.6%
2021+10.6%
2020+11.8%

BNOV in the news

ETF.net Research hasn’t filed on BNOV yet — coverage lands here as it’s written.

BNOV Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
8.9%
Annualised · 36 months to Aug 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.
0.87
vs 3-month T-bills · to Aug 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.
0.67
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.

BNOV Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BNOV costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.