Innovator U.S. Equity Buffer ETF
$49.930.00 (0.00%)
- 0.79%
- $201M
- +15.7%
- 0M sh
- $49.97
- low $42.05high $50.04
The ETF.net BNOV Grade
C
Score 43 out of 100
- 51 of 77
Score 43 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 100Rank 34 of 77Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D36 out of 100Rank 61 of 76Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C46 out of 100Rank 43 of 77Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A76 out of 100Rank 21 of 77
Our read on BNOV
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.
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 Holdings
- Stocks
- 3
- 100%
- Spy 10/30/2026 6.83 C
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
BNOV Performance
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$11,569
Returns run to the Oct 12, 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.
| Period | BNOV |
|---|---|
| Year to date | +12.3% |
| 1 month | +1.9% |
| 3 months | +3.5% |
| 1 year | +15.7% |
| 3 years | +14.6% |
| 5 years | +9.2% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BNOV |
|---|---|---|
| 2026 YTD | +12.3% | |
| 2025 | +13.2% | |
| 2024 | +12.5% | |
| 2023 | +17.2% | |
| 2022 | −9.6% | |
| 2021 | +10.6% | |
| 2020 | +11.8% |
BNOV in the news
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
BNOV Dividends
No distributions in the last 12 months.
BNOV Risk
- 8.2%
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.
- 1.14
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.
- −16.3%
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.
- 0.69
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
0.79%
BNOV0.79%
- 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.
Other funds in S&P 500 Buffer 9-12%
- CDHDGFT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETFExpense ratio 0.85%1 year return +16.3%
- CFNOVFT Vest U.S. Equity Buffer ETF - NovemberExpense ratio 0.85%1 year return +16.1%
- CDECZTrueShares Structured Outcome (December) ETFExpense ratio 0.79%1 year return +14.5%
- CFOCTFT Vest U.S. Equity Buffer ETF - OctoberExpense ratio 0.85%1 year return +16.4%
- COCTZTrueShares Structured Outcome (October) ETFExpense ratio 0.79%1 year return +14.1%