At a glance
UNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $108.2M in assets, the 8th largest of that group. Over the past year it returned +10.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +12.9% a year. At its worst it fell 8.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) uses FLEX options on the SPDR S&P 500 ETF Trust to track S&P 500 returns up to a cap. Over each one-year outcome period starting November 1, it also cushions losses of between 5% and 35%. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. However, its returns have trailed most of them, and it has no recorded distributions.
Price history
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UNOV +10.9% 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 | |
|---|---|---|---|---|---|---|
| UNOV official prospectus, to Dec 31, 2024 | — | +9.71% | — | +6.15% | — | +6.68% |
| UNOV price data to Oct 27, 2026 | +10.1% | +10.9% | +12.9% | +7.4% | — | +7.8% |
- Over the year to Oct 27, 2026, UNOV returned +10.9%, 6th of 8 among similar funds.
- Its 5-year annualized return was +7.4%.
- Its worst full calendar year was 2022 (-6.2%); its best was 2023 (+14.2%).
- The deepest fall in its price history was 9.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.1% | — |
| 2025 | +9.9% | +9.71% |
| 2024 | +9.4% | +9.58% |
| 2023 | +14.2% | +14.31% |
| 2022 | -6.2% | -6.18% |
| 2021 | +4.5% | +4.55% |
| 2020 | — | +8.17% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.9% over that stretch · deepest drop along the way 8%, back to its old high 11.3 months after the low |
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 $74.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.29%, +0.01%, +0.62%.
How it works
The fund invests at least 80% of its net assets in investments tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500 Index. It does not buy stocks directly. Instead, it holds FLEX Options on that ETF. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, four FLEX Option positions made up about 99.7% of the fund, with 0.3% in cash. Innovator is the adviser and Milliman Financial Risk Management is the sub-adviser.
For the outcome period from November 1, 2025 to October 31, 2026, gains were capped at 12.00% before fees, or 11.21% after the 0.79% fee. Shareholders take the first 5% of the ETF's losses. The fund seeks to absorb the next 30 percentage points, and losses beyond 35% pass through one for one. In the prospectus examples, a 10% drop in the ETF means a 5% fund loss, and a 50% drop means a 20% loss.
These results apply only to investors who hold for the whole period, and they are measured on net asset value, not market price. Buying or selling partway through can produce very different results. When a period ends, the options expire and the fund buys a new set that expires about a year later. The new cap is set on the first day.
What it really costs
- UNOV 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 |
|---|---|---|---|---|
| UNOV | $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 S&P 500 exposure but uses options to soften moderate losses, which has given it much smaller swings than the stock market in exchange for capped gains.
UNOV could replace part of a stock allocation with a version that swings less. As of October 27, 2026, its one-year volatility (how much returns bounce around) was 6%. Its price history starts June 2, 2020, so it misses 2008 and the 2020 crash, though the prospectus shows a 7.8% loss in the first quarter of 2020. In the 2022 bear market it fell 8% and took about 11 months to recover. 2022 was its worst calendar year, at -6.2%. Its deepest drop, 9.1% from February to April 2025, recovered in about two months.
Smaller drops can mean selling fewer shares at low prices in a bad year. However, the first 5% of losses and any losses beyond 35% are not buffered. The fund has no recorded distributions, so cash would come from selling shares. Cost: 0.79%, or $81 in the first year on $10,000. 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 S&P 500 exposure with losses between 5% and 35% cushioned, and who accept gains capped near 12% before fees.
- Holders able to buy near November 1 and hold the full one-year outcome period, when the buffer and cap fully apply.
- Cost-conscious buffer investors: its 0.79% expense ratio ties for lowest among similar funds, against a 0.86% peer average.
Look elsewhere if
- Investors needing regular income, since the fund has no recorded distributions and cash would come from selling shares.
- Those wanting full stock-market upside; its three-year return ranked last of eight similar buffer funds as of October 27, 2026.
- Buyers who prefer larger funds: net assets were about $108 million as of July 31, 2026, the smallest among peers, with recent outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UNOV this fund | 0.79% | $108.2M | +10.9% | +12.9% |
| 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 UNOV pay dividends?
No. The fund has no recorded distributions. It holds FLEX Options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its targeted outcomes are stated as price returns up to a cap. Retirees who want cash flow from UNOV would have to sell shares. Investors who need regular income may want to compare it with dividend or bond funds.
How does the UNOV buffer work?
For the outcome period from November 1, 2025 to October 31, 2026, UNOV sought to absorb S&P 500 ETF losses of between 5% and 35%. Shareholders take the first 5% of losses and any losses beyond 35%. In the prospectus examples, a 20% drop in the ETF means a 5% fund loss, and a 50% drop means a 20% loss. After the 0.79% fee, the buffer runs from about 4.21% to 34.21%. It is not guaranteed.
What happens if I buy UNOV in the middle of the outcome period?
Your results could differ a lot from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the period to the last. If you buy after a rally, there may be little room left before the cap. If you buy after a drop, part of the buffer may already be used up. Innovator's website, innovatoretfs.com/unov, updates the remaining cap and buffer daily.
UNOV vs PJAN: what's the difference?
Both are Innovator buffer ETFs on the S&P 500 that charge 0.79%. PJAN is a Power Buffer fund whose outcome period resets in January. UNOV is an Ultra Buffer fund that resets on November 1. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years, compared with 10.9% and 12.9% for UNOV. PJAN is also much larger, with about $1.4 billion in net assets versus UNOV's $108 million.
Can you lose money in UNOV?
Yes. Shareholders take the first 5% of S&P 500 ETF losses in each period, and any losses beyond 35%. In the prospectus example, a 100% drop in the ETF would mean a 70% fund loss before fees. In practice, UNOV fell 6.18% in 2022, according to the prospectus. Its deepest drop in price data was 9.1%, from February to April 2025. The fund relies on options, is non-diversified and is not FDIC insured.