PNOVInnovator U.S. Equity Power Buffer ETF - November
Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 13.25% while providing a buffer against the first 15% of Underlying ETF losses.
By Innovator ETFs · Launched 2019
0.79%
#4,052 of 5,568 · expensive
$926M
#1,153 of 5,568 · large
+14.3%
6 years
#1,992 of 5,568 · 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 13.25% while providing a buffer against the first 15% of Underlying ETF losses.
- Strategy
- Invests primarily in FLEX Options referencing the Underlying ETF and may also invest directly in the Underlying ETF, which seeks to provide investment results that correspond generally to the total return performance of the S&P 500 Index. The Fund aims to provide a buffer against the first 15% of Underlying ETF losses and an upside cap of 13.25% over the Outcome Period from November 1, 2025 to October 31, 2026. The net buffer after management fees is 14.21%.
- 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 2026-06-20