At a glance
INOV charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $37.3M in assets, the 8th largest of that group. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF November (INOV) uses options on the iShares MSCI EAFE ETF. That ETF holds large and mid-size companies in developed markets outside the US and Canada. Over each one-year outcome period starting November 1, INOV aims to absorb the first 15% of that ETF's losses. In exchange, gains are capped: the cap was 18.86% before fees for the period ended October 31, 2026. Most rival buffer ETFs track US stocks instead.
Price history
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INOV +9.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| INOV official prospectus, to Dec 31, 2024 | — | +20.24% | — | — | — | +15.96% |
| INOV price data to Oct 27, 2026 | +6.2% | +9.0% | — | — | — | +13.5% |
- Over the year to Oct 27, 2026, INOV returned +9.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+5.9%); its best was 2025 (+20.6%).
- The deepest fall in its price history was 8% (Mar 19, 2025 to Apr 8, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.2% | — |
| 2025 | +20.6% | +20.24% |
| 2024 | +5.9% | +5.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $19.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.81%, +0.79%, +1.48%.
How it works
INOV does not buy stocks directly. It holds FLEX options, which are exchange-listed options with custom strike prices and expiration dates. They reference the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index, which weights large and mid-size developed-market companies outside the US and Canada by market value. The fund must keep at least 80% of its net assets in investments tied to that ETF. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, the fund's filings showed four option positions on the ETF and 0.29% in cash, with no individual stocks.
The options are set on the first day of each one-year outcome period. For November 1, 2025 to October 31, 2026, the cap was 18.86% before fees, or 18.01% after the 0.85% fee. The buffer covered the first 15% of losses, or 14.15% after fees. Losses beyond 15% pass through one for one. In the prospectus examples, a 20% drop in the ETF means a 5% fund loss before fees. A 50% drop means a 35% loss. At the end of the period the options settle in cash and the fund buys a new set expiring about a year later, with a new cap.
These outcomes apply only to investors who hold for the whole period. Buying or selling partway through can produce very different results. Outcomes are also measured on net asset value (NAV), not the market price. The fund recorded no distributions.
What it really costs
- INOV charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INOV | $87 | $271 | $471 | $1,049 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades some upside in international stocks for protection against the first 15% of yearly losses, which can soften moderate declines.
INOV could give a retiree overseas stock exposure with less volatility. Its one-year volatility was 10.2% as of October 27, 2026. It launched November 1, 2023, so it missed the 2008, 2020 and 2022 bear markets and has not been tested in a severe downturn. Its weakest calendar year, 2024, was still a 5.58% gain, according to the prospectus. Its deepest drop was 8%, from March 19 to April 8, 2025, and it recovered by April 28. Anyone who may need to sell in a bad year should know the full buffer applies only at the end of the period. Selling midway can lock in a bigger loss, and drops beyond 15% pass straight through. It pays no income. The 0.85% expense ratio is close to the 0.86% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market stocks outside the US and Canada with the first 15% of each year's losses buffered, in exchange for capped gains.
- Holders who can buy near the November 1 reset and hold the full one-year outcome period, which is the only way to get the stated buffer and cap.
- People willing to pay 0.85% a year, roughly the 0.86% average of similar buffer ETFs, for a defined-outcome structure that limits losses.
Look elsewhere if
- Income seekers: INOV has recorded no distributions, and its options-based structure does not pay out the stocks' dividends to holders.
- Investors who want full upside: gains stop at the cap. INOV's 9% one-year return to October 27, 2026 ranked last of eight similar funds.
- Those wary of small funds: INOV had $37.3 million in net assets as of July 31, 2026, the smallest of its peers, after $19.4 million in outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| INOV this fund | 0.85% | $37.3M | +9.0% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does INOV pay dividends?
No. INOV has recorded no distributions. The fund holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves, and its payouts are tied to that ETF's share price. That means the dividends paid by EAFE companies are not passed on to holders. Investors who rely on portfolio income may want to compare INOV with funds that make regular distributions.
How does the INOV buffer work?
INOV aims to absorb the first 15% of losses in the iShares MSCI EAFE ETF over each one-year outcome period, which starts November 1. After the 0.85% fee, the buffer is 14.15%. Losses beyond 15% pass through one for one, so a 20% drop means about a 5% loss before fees. The full buffer applies only to shares held for the whole period. Buying or selling midway can produce very different results.
What is the INOV cap?
For the outcome period from November 1, 2025 to October 31, 2026, INOV's cap was 18.86% before fees, or 18.01% after its 0.85% management fee. That was the most a holder could earn over the period, even if the EAFE ETF rose more. A new cap is set on the first day of each new period. Innovator posts updated figures daily at www.innovatoretfs.com/inov.
What's the difference between INOV and PDEC?
Both are Innovator Power Buffer ETFs that aim to absorb the first 15% of losses in exchange for a cap. The difference is the market. PDEC is built on US stocks, while INOV uses developed markets outside the US and Canada. PDEC costs 0.79% a year versus INOV's 0.85%. It also had about $984 million in net assets versus INOV's $37.3 million as of July 31, 2026. Over one year to October 27, 2026, PDEC returned 11.6% and INOV returned 9%.
How much does INOV cost?
INOV's expense ratio is 0.85% a year, according to its prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs come to about $87 after one year, $271 after three, $471 after five and $1,049 after ten. That is close to the 0.86% average for similar buffer funds. It is cheaper than FT Vest's laddered buffer ETFs at 0.95% but costs more than Innovator's US Power Buffer funds at 0.79%.