At a glance
KNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $44.6M in assets, the 8th largest of that group. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) is a buffered fund. It holds FLEX options on the iShares Russell 2000 ETF, which tracks about 2,000 small U.S. companies. Each year-long period starts November 1. The fund aims to absorb the first 15% of losses, and in exchange it caps gains (18.27% before fees for the period ending October 31, 2026). Its 0.79% expense ratio is below the 0.86% average for similar buffer funds.
Price history
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KNOV +11.5% 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 | |
|---|---|---|---|---|---|---|
| KNOV official prospectus, to Dec 31, 2024 | — | +12.29% | — | — | — | +11.85% |
| KNOV price data to Oct 27, 2026 | +11.9% | +11.5% | — | — | — | +12.7% |
- Over the year to Oct 27, 2026, KNOV returned +11.5%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.9%); its best was 2025 (+11.9%).
- The deepest fall in its price history was 15% (Dec 2, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +11.9% | +12.29% |
| 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 $64.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.12%, +1.87%, +0.04%.
How it works
KNOV does not pick stocks. It puts at least 80% of net assets into investments tied to the iShares Russell 2000 ETF. That fund tracks a market-value-weighted index of about the 2,000 smallest companies in the Russell 3000 Index. KNOV gets this exposure through FLEX options, which are exchange-traded options with custom strike prices and expiration dates. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
As of July 31, 2026, the fund held four options. A deep in-the-money call, worth about 104% of net assets, follows the ETF's price. A bought put at $246.23 paired with a sold put at $209.30 creates the 15% buffer. A sold call at $291.22 sets the cap. For November 1, 2025 to October 31, 2026, the cap was 18.27% and the buffer 15% before fees. After the 0.79% fee, they were 17.48% and 14.21%. Losses beyond 15% pass through one for one. If the ETF fell 20%, the fund would fall about 5% before fees.
These results apply only to shareholders who hold for the whole period, and they are not guaranteed. Buying or exiting mid-period, or trading away from net asset value, can produce very different returns. When a period ends, the options settle in cash and the fund buys new one-year options with a new cap.
What it really costs
- KNOV charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KNOV | $81 | $252 | $439 | $978 |
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
Its options aim to absorb the first 15% of small-cap losses each year, and in exchange it gives up gains above a cap.
KNOV could soften the swings of small-company stocks for a retiree who wants some exposure to them. Its history is short. It launched in November 2024, so it has no record from 2008, 2020 or 2022. The buffer applies only over a full outcome period, so prices can still fall mid-period. The deepest drop was 15%, from December 2, 2024 to April 8, 2025. It recovered by August 13, 2025, about four months later. Someone who had to cash out at the low would have felt that full loss. The prospectus reports a 12.29% return for 2025, with a worst quarter of -4.43%. The fund recorded no distributions, so it does not provide income. The SEC's $10,000 example puts costs at $81 for one year and $978 over ten. Past results don't predict future ones, 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 Russell 2000 small-cap exposure and will accept capped gains for a buffer against the first 15% of losses each year.
- Holders who can buy near November 1 and hold through October 31, when the fund's stated cap and buffer apply in full.
- Cost-conscious buffer investors: its 0.79% expense ratio is below the 0.86% average of the similar buffer funds compared.
Look elsewhere if
- Retirees who need income: the fund has recorded no distributions, so it cannot help fund regular withdrawals.
- Investors who want full small-cap upside: gains for the period ending October 31, 2026 were capped at 18.27% before fees.
- Those wary of small funds: net assets were about $44.6 million as of July 31, 2026, the smallest among the similar funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KNOV this fund | 0.79% | $44.6M | +11.5% | — |
| 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
How does the KNOV buffer work?
KNOV uses FLEX options on the iShares Russell 2000 ETF to absorb the first 15% of that ETF's losses over a year-long outcome period. Losses beyond 15% pass through one for one. For November 1, 2025 to October 31, 2026, the buffer was 14.21% after the 0.79% fee. Gains were capped at 17.48% after fees. The buffer is not guaranteed and applies only to shares held for the whole period.
Does KNOV pay dividends?
No. The fund has recorded no distributions. It holds options on the iShares Russell 2000 ETF rather than the ETF's shares or the underlying stocks, and its buffer and cap are measured against that ETF's share price. Investors who want regular cash payments from small-company stocks may want to compare funds that hold the stocks directly.
What happens if I buy KNOV in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those outcomes assume shares are bought on the first day of the period and held to the last. If the fund has already gained, less room may remain under the cap. If it has already fallen, part of the buffer may be used up. Innovator posts daily updates at innovatoretfs.com/knov.
KNOV vs PDEC: what's the difference?
Both are Innovator Power Buffer ETFs with 15% buffers and 0.79% expense ratios. KNOV references the iShares Russell 2000 ETF, which holds small U.S. companies, and resets each November. PDEC is a U.S. equity version that resets each December. PDEC is much larger, at about $984 million as of July 31, 2026, against about $44.6 million for KNOV. One-year returns as of October 27, 2026 were 11.6% for PDEC and 11.5% for KNOV.
How much does KNOV cost?
KNOV's expense ratio is 0.79%, according to its prospectus filed February 27, 2026. That is below the 0.86% average for similar buffer funds. In the SEC's standard example, $10,000 earning 5% a year costs $81 after one year, $252 after three, $439 after five and $978 after ten. The fee also lowers the cap and buffer investors actually get: 17.48% and 14.21% for the period ending October 31, 2026.