At a glance
BNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $207.5M in assets, the 8th largest of that group. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +16.4% a year. At its worst it fell 24.7% in the 2020 crash (S&P 500: 33.7%) and 16.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 8 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - November (BNOV) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to deliver S&P 500 returns up to a cap. It also buffers the first 9% of losses over each November-to-October outcome period. For the period ending October 31, 2026, the cap was 17.60% before fees. Its 0.79% expense ratio ties for lowest among similar buffer funds. It is also the smallest of the group and pays no distributions.
Price history
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BNOV +12.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BNOV official prospectus, to Dec 31, 2024 | — | +12.96% | — | +8.34% | — | +9.40% |
| BNOV price data to Oct 27, 2026 | +11.3% | +12.3% | +16.4% | +8.9% | — | +9.8% |
- Over the year to Oct 27, 2026, BNOV returned +12.3%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +8.9%.
- In the 2020 COVID crash it fell 24.7% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-9.6%); its best was 2023 (+17.2%).
- The deepest fall in its price history was 24.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 5, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +13.2% | +12.96% |
| 2024 | +12.5% | +12.71% |
| 2023 | +17.2% | +17.26% |
| 2022 | -9.6% | -9.44% |
| 2021 | +10.6% | +10.38% |
| 2020 | +11.8% | +11.67% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.7% over that stretch · deepest drop along the way 24.7%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.2% over that stretch · deepest drop along the way 16.3%, back to its old high 8 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $33.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.50%, -0.36%, +0.35%.
How it works
BNOV does not buy the 500 stocks in the S&P 500. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates, on the SPDR S&P 500 ETF Trust (SPY). As of July 31, 2026, the fund held four option positions making up 99.77% of assets, plus 0.3% cash. A deep in-the-money call with a $6.83 strike behaves much like owning SPY. A bought put at $682.07 and a sold put at $620.67 create the 9% buffer. A sold call at $802.17 sets the 17.60% cap and helps pay for the protection.
These terms apply to one outcome period, which runs from November 1 to October 31. When the period ends, the options expire, the fund takes the cash and buys a new set expiring about a year later. A new cap is set on the first day. For the period ending October 31, 2026, the 0.79% fee brought the cap to 16.81% and the buffer to 8.21%. Holders bear losses beyond the buffer one for one: the prospectus shows a 20% SPY drop producing an 11% fund loss before fees.
The stated outcomes apply only to shareholders who hold for the whole period. Someone who buys after SPY has risen may have little upside left. Someone who buys after a fall may find part of the buffer already used. Shares also trade at market prices that can differ from net asset value. Innovator posts updated figures daily at innovatoretfs.com/bnov.
What it really costs
- BNOV charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BNOV | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
BNOV trades some S&P 500 upside for a buffer that softens, but does not remove, losses over each one-year outcome period.
BNOV may soften stock losses for someone who expects to draw on savings during a downturn. Its deepest drop came in the 2020 COVID crash. Shares fell 24.7% from February 19 to March 23, 2020, and recovered by August 5, about 4.4 months later. In the 2022 bear market it fell 16.3% and needed about 8 months to recover. Its worst calendar year was 2022, at −9.44% per the prospectus. The fund launched in 2019, so it has no 2008 record. Selling mid-period can lock in losses larger than the buffer implies. The fund paid no distributions, so any income would come from selling shares. In the SEC's standard $10,000 example, costs are $81 after one year and $978 after ten. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with the first 9% of losses buffered each period and who accept a cap (17.60% before fees through October 31, 2026).
- People who can buy near November 1 and hold through October 31, the only window in which the full cap and buffer apply.
- Cost-conscious buyers of buffer funds: BNOV's 0.79% expense ratio is below the 0.86% average for similar buffer ETFs.
Look elsewhere if
- Income seekers: BNOV recorded no distributions, and because it holds options rather than stocks, it does not collect SPY's dividends.
- Anyone likely to sell partway through a period or buy well after November 1, when results can differ sharply from the stated outcomes.
- Investors who prefer larger funds: with $207 million in net assets as of July 31, 2026, BNOV is the smallest of eight similar buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BNOV this fund | 0.79% | $207.5M | +12.3% | +16.4% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BNOV pay dividends?
No. BNOV has no recorded distributions. The fund holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, so it does not collect the dividends those companies pay. Its outcomes are based on SPY's share price. A retiree who wants cash from BNOV would need to sell shares, which works differently from holding a fund that pays regular dividends.
How does the BNOV buffer work?
BNOV aims to absorb the first 9% of SPY's losses over a one-year outcome period that runs from November 1 to October 31. Shareholders bear any losses beyond 9% one for one. For the period ending October 31, 2026, gains were capped at 17.60% before fees. After the 0.79% fee, the buffer was 8.21% and the cap 16.81%. The prospectus shows a 20% SPY decline producing an 11% fund loss before fees.
What happens if I buy BNOV in the middle of the outcome period?
Your results can be very different from the stated 9% buffer and cap. The outcomes apply only to shares held from November 1 through October 31. If SPY has already risen, little upside may be left before the cap. If SPY has already fallen, part of the buffer may be used up. Innovator updates the remaining cap and buffer daily at innovatoretfs.com/bnov.
BNOV vs FDEC: what's the difference?
Both are single-series S&P 500 buffer ETFs. BNOV is from Innovator, and its outcome period starts in November. FT Vest US Equity Buffer ETF - December (FDEC) uses a December cycle. BNOV is cheaper, at 0.79% against FDEC's 0.85%. As of October 27, 2026, FDEC had higher returns: 12.9% against 12.3% over one year, and 18.5% against 16.4% a year over three years. FDEC is also much larger, at $1.31 billion compared with BNOV's $207 million.
How did BNOV do in the 2022 bear market?
BNOV lost 9.44% in calendar year 2022, according to the prospectus, its worst year since launching in 2019. From its peak on January 4, 2022, to the low on October 12, it fell 16.3%, which was more than the 9% buffer. That is because the drop did not line up with a single November-to-October outcome period. It recovered by June 12, 2023, and returned 17.26% for all of 2023.