At a glance
NNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $86.7M in assets, the 8th largest of that group. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - November (NNOV) is a defined-outcome fund. It uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, over one-year periods that start each November. It aims to absorb the first 15% of QQQ losses in exchange for a cap on gains, set at 15.92% before fees for the period ending October 31, 2026. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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NNOV +13.5% 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 | |
|---|---|---|---|---|---|---|
| NNOV official prospectus, to Dec 31, 2024 | — | +11.09% | — | — | — | +12.71% |
| NNOV price data to Oct 27, 2026 | +13.8% | +13.5% | — | — | — | +14.1% |
- Over the year to Oct 27, 2026, NNOV returned +13.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.2%); its best was 2025 (+11.2%).
- The deepest fall in its price history was 12.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.8% | — |
| 2025 | +11.2% | +11.09% |
| 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 $27.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.90%, +0.16%, -1.61%.
How it works
NNOV does not pick stocks. Its adviser, Innovator Capital Management, and its sub-adviser, Milliman Financial Risk Management, build a package of FLEX options on the Invesco QQQ Trust, Series 1. FLEX options are exchange-traded options with custom strike prices and expiration dates. QQQ is an ETF that tracks the Nasdaq-100 Index, which holds the largest nonfinancial companies listed on the Nasdaq Stock Market. As of July 31, 2026, four QQQ option positions made up 99.73% of net assets, and cash made up 0.34%. Portfolio turnover was 0%.
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 15.92% before fees, or 15.13% after the 0.79% fee. The buffer covered the first 15% of QQQ losses, or 14.21% after fees. Losses beyond 15% pass through one for one: if QQQ fell 20%, the fund would lose about 5% before fees. When a period ends, the options settle in cash. The fund then buys a new set expiring about a year later, with a new cap.
These outcomes apply only to shareholders who hold from the first day of the period to the last. Someone who buys or sells partway through can see very different results, because the options' value moves with QQQ along the way. The outcomes are also measured on net asset value, so any gap between that and the market price also changes results.
What it really costs
- NNOV 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 |
|---|---|---|---|---|
| NNOV | $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
It keeps exposure to Nasdaq-100 stocks while options aim to absorb the first 15% of losses in each one-year period, at the cost of capped gains.
NNOV launched on November 1, 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 11.09% according to the prospectus. Its deepest drop was 12.8%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. That drop shows the buffer counts only at the end of the period. Anyone who has to sell shares mid-period gets the market price, not the buffered result. The fund made no distributions, so it provides no income. In the SEC's standard example, the 0.79% expense ratio costs $81 in the first year and $978 over 10 years on $10,000. All the exposure comes from one index, and losses beyond 15% are not cushioned. 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 Nasdaq-100 exposure through QQQ with a cushion against the first 15% of losses over a one-year period.
- Holders able to buy near November 1 and hold until October 31, the dates on which the stated cap and buffer apply.
- Cost-conscious buyers of buffer funds: its 0.79% expense ratio is below the 0.86% peer average and FT Vest's 0.85%–0.95%.
Look elsewhere if
- Retirees who need regular income from their funds, since NNOV recorded no distributions.
- Investors who want all of the upside: for the period ending October 31, 2026, gains above the 15.92% cap (before fees) were given up.
- Those who prefer larger, longer-tested funds: net assets were $86.7 million as of July 31, 2026, the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NNOV this fund | 0.79% | $86.7M | +13.5% | — |
| 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
What does NNOV invest in?
NNOV holds FLEX options on the Invesco QQQ Trust, Series 1, not stocks directly. QQQ tracks the Nasdaq-100 Index, which holds the largest nonfinancial companies listed on the Nasdaq Stock Market. As of July 31, 2026, four QQQ option positions made up 99.73% of net assets, and cash was 0.34%. Through QQQ, the fund is concentrated in the same industries as the index. It is also classified as non-diversified.
What happens if you buy NNOV in the middle of the outcome period?
Your results can differ sharply from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the period to the last. A mid-period buyer may have less buffer left if QQQ has fallen, or little room left below the cap if QQQ has risen. Innovator posts updated figures daily at innovatoretfs.com/nnov. The period that began November 1, 2025 ended October 31, 2026, and the fund then reset with new options.
Does NNOV pay dividends?
No. NNOV recorded no distributions. Its return comes from changes in the value of its QQQ options, not from dividends, so it does not produce regular income. Retirees who rely on fund payouts for spending would need to sell shares instead. Selling before an outcome period ends means taking the market price rather than the buffered result.
NNOV vs PDEC: what's the difference?
Both are Innovator Power Buffer ETFs with a 0.79% expense ratio. NNOV is built on QQQ and the Nasdaq-100. PDEC belongs to Innovator's U.S. Equity Power Buffer series and is the December version. PDEC is much larger, with $984 million in net assets versus NNOV's $86.7 million as of July 31, 2026. Over the year to October 27, 2026, NNOV returned 13.5% and PDEC returned 11.6%.
How much does NNOV cost and how has it performed?
NNOV charges 0.79% a year, below the 0.86% average of similar buffer funds. In the SEC's standard example, a $10,000 investment costs $81 over one year and $978 over 10 years. The prospectus shows a return of 11.09% for 2025. Based on price, the fund gained 13.5% in the year to October 27, 2026, with 9.8% volatility. Its deepest drop was 12.8%, in early 2025.