Innovator U.S. Equity Buffer ETF - November (BNOV)

The Innovator S&P 500 Buffer ETF Nov (BNOV) is an exchange-traded fund that aims to provide investors with exposure to the S&P 500 Index while protecting against losses. The ETF is part of a series of Innovator ETFs that utilize an options strategy to provide downside protection.

The ETF works by investing in a portfolio of S&P 500 stocks, while simultaneously purchasing a series of put options that will provide downside protection in the event of a market downturn. The options have a set strike price, and if the S&P 500 falls below that price, the put options will increase in value and offset the losses in the stock portfolio.

The ETF has returned 9.62% year-to-date and has an average annual return of 6.09% since inception.

Investors interested in the BNOV ETF should be aware that the options strategy used by the fund can result in lower returns in a rising market, as the cost of the put options reduces the amount of capital available for stock investments.