Innovator ETFs Trust - Innovator U.S. Small Cap Power Buffer ETF - November
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- Innovator U.S. Small Cap Power Buffer ETF – November is an actively managed, non-diversified exchange-traded fund series of Innovator ETFs Trust that seeks to provide defined-outcome exposure to the U.S. small-cap equity market. The Fund invests substantially all of its assets, and at least 80% of net assets under normal circumstances, in customized FLexible EXchange Options (FLEX Options) referencing the iShares Russell 2000 ETF, which tracks the Russell 2000 Index of approximately 2,000 smaller-capitalization U.S. companies. Through a portfolio of exchange-traded, cash-settled call and put FLEX Options, the Fund seeks to match the price return of the iShares Russell 2000 ETF up to a predetermined upside cap while providing a buffer against the first 15% of underlying ETF losses for investors holding shares throughout each approximately one-year November-to-October outcome period; shareholders remain exposed on a one-for-one basis to losses beyond the buffer, do not receive underlying ETF dividends, and may experience different results when purchasing or selling shares during an outcome period. Shares trade principally on Cboe BZX Exchange under the ticker KNOV and are issued and redeemed at net asset value in Creation Units through authorized participants. The Fund’s most recently disclosed November 1, 2025 through October 31, 2026 outcome period provides an 18.18% gross upside cap, or 17.39% after its 0.79% annual management fee, and a 15.00% gross downside buffer, or 14.21% after the management fee; following each outcome-period expiration, the Fund reinvests in a new set of FLEX Options and establishes a new cap and buffer based on prevailing market conditions. KNOV was launched in 2024 as an expansion of Innovator’s defined-outcome ETF lineup. Innovator ETFs Trust, an open-end management investment company organized as a Delaware statutory trust in 2007 and renamed from Academy Funds Trust in 2017, is headquartered in Wheaton, Illinois. Innovator Capital Management LLC serves as investment adviser; Milliman Financial Risk Management LLC serves as investment sub-adviser; and Foreside Fund Services LLC serves as distributor.