Innovator U.S. Small Cap Power Buffer ETF - November (KNOV)

The Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) is a defined-outcome fund from Innovator Capital Management. It seeks to provide returns tied to the iShares Russell 2000 ETF up to a cap, while buffering against the first 15% of losses over a one-year outcome period beginning in November.

The fund creates this payoff with FLexible EXchange options on the reference ETF, which represents U.S. small-cap stocks. The cap on gains is set at the start of each outcome period.

The buffer and cap apply to investors who hold shares for the entire outcome period. Each November, the fund resets with new options, a new cap and a fresh buffer.