UNOVInnovator U.S. Equity Ultra Buffer ETF - November
Seeks to provide investors with returns that match the return of the Underlying ETF, up to the upside cap of 12.00% while providing a buffer against Underlying ETF losses of between 5% and 35%.
By Innovator ETFs · Launched 2019
0.79%
#4,047 of 5,562 · expensive
$107M
#2,861 of 5,562 · mid-size
+12.5%
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 fundAsset class
AlternativeRegion
North americaStrategy
Structured outcome
Index tracked
S&P 500 Price Return Index
What 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 12.00% while providing a buffer against Underlying ETF losses of between 5% and 35%.
- Strategy
- Invests primarily in the Underlying ETF to provide returns matching the ETF up to a 12% cap while offering a buffer against losses of 5% to 35% during the Outcome Period from November 1, 2025 to October 31, 2026.
- 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