Innovator U.S. Equity Power Buffer ETF
PNOV
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- Innovator U.S. Equity Power Buffer ETF - November (PNOV) is an exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap, while providing a buffer against the first 15% of losses over a one-year outcome period ending in October each year; the fund utilizes FLEX Options and other derivatives linked to SPY performance to achieve defined upside exposure and downside protection before fees and expenses. PNOV forms part of Innovator Capital Management, LLC's (Innovator) broader suite of Defined Outcome ETFs, which includes monthly and quarterly series offerings across buffer, power buffer, and ultra buffer strategies on U.S. equity benchmarks, as well as income and growth-focused products spanning multiple asset classes. Launched on October 31, 2019, PNOV trades on the Cboe BZX Exchange with an expense ratio of 0.79% and net assets exceeding $600 million as of late 2025. Innovator Capital Management, LLC, founded in 2017 and headquartered in Wheaton, Illinois, serves as the sponsor and manager for PNOV and its 158 other ETFs, primarily targeting financial advisors, institutional investors, and retail clients seeking risk-managed equity exposure. The firm pioneered buffer ETFs in 2018 and manages approximately $28 billion in assets under supervision across its portfolio of structured investment solutions. Operations are focused in the United States, with products domiciled domestically and distributed through platforms like Foreside Fund Services, LLC. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2 billion, a transaction expected to close in the second quarter of 2026 and integrate Innovator's 159 ETFs into Goldman Sachs Asset Management's offerings, enhancing its position among the top global ETF providers. This acquisition adds significant scale to Innovator's defined outcome capabilities, including PNOV's ongoing annual outcome periods, with the current period running from November 1, 2025, to October 31, 2026. No other significant partnerships, funding rounds, acquisitions, or product launches by Innovator were reported in 2024 or 2025 prior to the Goldman Sachs deal.