BNOVInnovator U.S. Equity Buffer ETF - November
Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 17.60% while providing a buffer against the first 9% of Underlying ETF losses.
By Innovator ETFs · Launched 2019
0.79%
#4,047 of 5,562 · expensive
$216M
#2,253 of 5,562 · mid-size
+19.1%
6 years
#1,991 of 5,562 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 5 holdings = 100.1% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Where to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 17.60% while providing a buffer against the first 9% of Underlying ETF losses.
- Strategy
- Invests primarily in FLEX Options referencing the Underlying ETF and may also invest directly in the Underlying ETF. The Fund seeks to replicate the performance of the Underlying ETF over the Outcome Period, subject to a maximum return cap of 17.60% and a buffer against the first 9% of losses. Shareholders will bear all losses exceeding 9% on a one-to-one basis.
- Inception date
- October 31, 2019
- Fund family
- Innovator ETFs
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-06-19