BNOV
Innovator U.S. Equity Buffer ETF - November
📎 Investment Objective
The Innovator U.S. Equity Buffer ETF - November (BNOV) seeks to provide investors with returns that match those of the S&P 500 Index, up to a predetermined cap, while providing a buffer against the first 9% of losses over the course of an outcome period.
Overview
ETF tracking Innovator U.S. Equity Buffer ETF - November
Performance
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Investment Summary
📎 Investment Objective
The Innovator U.S. Equity Buffer ETF - November (BNOV) seeks to provide investors with returns that match those of the S&P 500 Index, up to a predetermined cap, while providing a buffer against the first 9% of losses over the course of an outcome period.
🎯 Investment Strategy
BNOV uses an options-based strategy to provide its targeted outcome. The fund holds a portfolio of FLexible EXchange (FLEX) Options that are designed to provide returns linked to the S&P 500 Index, subject to a cap and buffer. The outcome period is from November 1 to October 31 each year.
✨ Key Features
- Seeks to match the S&P 500 Index returns up to a predetermined cap
- Provides a 9% buffer against losses over the outcome period
- Resets annually on November 1 with a new outcome period and parameters
- Expense ratio of 0.00%
⚠️ Primary Risks
- Market risk: The fund's returns are subject to the performance of the S&P 500 Index
- Cap risk: Gains are limited to the predetermined upside cap
- Outcome period risk: Benefits only apply during the specified 12-month outcome period
- Liquidity risk: The fund's shares may trade at a premium or discount to NAV
👤 Best For
BNOV may be suitable for investors seeking S&P 500 exposure with some downside protection, who have a medium-term investment horizon and can tolerate the risks associated with the fund's options-based strategy.