At a glance
ZNOV charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $104.2M in assets, the 8th largest of that group. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) buys FLEX options on the State Street SPDR S&P 500 ETF Trust. The goal is to absorb 100% of that fund's losses over each one-year outcome period, which starts November 1. In exchange, gains are tightly capped: 6.84% before fees for the period ending October 31, 2026. Its 0.79% expense ratio ties for lowest among similar buffer ETFs.
Price history
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ZNOV +6.1% 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 | |
|---|---|---|---|---|---|---|
| ZNOV official prospectus, to Dec 31, 2024 | — | +6.18% | — | — | — | +6.38% |
| ZNOV price data to Oct 27, 2026 | +5.4% | +6.1% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, ZNOV returned +6.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.3%); its best was 2025 (+6.3%).
- The deepest fall in its price history was 3.3% (Feb 19, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.4% | — |
| 2025 | +6.3% | +6.18% |
| 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 $38.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.96%, +0.14%, +0.53%.
How it works
The adviser, Innovator Capital Management, and the sub-adviser, Milliman Financial Risk Management, put at least 80% of net assets into positions tied to the State Street SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. They mainly use FLEX Options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, the fund held three SPY options and 0.26% cash. A deep in-the-money call copies owning SPY. A put supplies the buffer. A call the fund sold at a higher strike sets the cap.
For November 1, 2025, to October 31, 2026, the cap was 6.84% before fees, or 6.05% after the 0.79% fee. The buffer aimed to absorb 100% of SPY losses, or 99.21% after the fee. If SPY rose 5%, the fund aimed for 5%. If SPY rose 20%, the target was 6.84%. If it fell 20%, the target was 0%. When a period ends, the options settle in cash, the fund buys a new set and a new cap is set.
These targets apply only to shares held for the whole period, measured at net asset value. Buying in later or selling early can give very different results. The share price also moves during the period: it fell 3.3% from February 19 to April 8, 2025. Results are not guaranteed.
What it really costs
- ZNOV 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 |
|---|---|---|---|---|
| ZNOV | $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 aims to give near-full protection against S&P 500 ETF losses over each one-year period, but it gives up most of the upside to do so.
ZNOV has been far calmer than the stock market. As of October 27, 2026, its one-year volatility was 2.5% and its beta was 0.16 (a beta of 1.0 means a fund moves in step with the market). Its deepest drop was 3.3%, from February 19 to April 8, 2025. It recovered by May 15, 2025, about 1.2 months later. It launched in November 2024, so it has no record in the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 6.18%. Someone who has to sell partway through a period in a bad year may get less protection than the full buffer suggests. The fund has paid no distributions, so it provides no income. Its 0.79% fee comes to $81 in the first year on $10,000 under the SEC's standard example. 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 buy at the November 1 reset and hold a full year, seeking a buffer against 100% of SPDR S&P 500 ETF Trust losses.
- Retirees who prize steadiness: one-year price swings (volatility) measured 2.5%, and the deepest drop since launch was 3.3%, as of October 27, 2026.
- Cost-conscious buffer investors: the 0.79% annual expense ratio ties for lowest among 8 similar funds, below the 0.86% peer average.
Look elsewhere if
- Growth seekers: the cap held gains to 6.84% before fees for the year ending October 31, 2026, and one-year returns trailed all 7 similar funds.
- Investors buying mid-period or selling early: the buffer and cap apply only from November 1 to October 31, so results can differ widely.
- Income seekers or those wanting a bigger fund: no distributions were recorded; $104 million in net assets on July 31, 2026, ranked smallest of 8.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZNOV this fund | 0.79% | $104.2M | +6.1% | — |
| 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
Can you lose money in ZNOV?
Yes. The buffer aims to absorb 100% of SPY losses before fees. After the 0.79% fee, though, the net buffer is 99.21%, so a large market drop could still mean a small loss. The protection depends on options and is not guaranteed. It also applies only to shares held for the full outcome period. The price moves along the way: shares fell 3.3% between February 19 and April 8, 2025.
What is ZNOV's upside cap?
For the outcome period from November 1, 2025, to October 31, 2026, the cap was 6.84% before fees, or 6.05% after the 0.79% management fee. That was the most a holder could earn for the full period, however far SPY rose. A new cap is set at the start of each November period and may be higher or lower. Innovator posts updated figures daily at innovatoretfs.com/znov.
Does ZNOV pay dividends?
No. The fund has recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust rather than owning the stocks directly. Its return comes from changes in the value of those options over each outcome period. Investors who need regular cash payments in retirement would have to sell shares, and selling partway through a period can give results that differ from the fund's targets.
ZNOV vs PDEC: what's the difference?
Both are Innovator buffer ETFs charging 0.79%. PDEC, the U.S. Equity Power Buffer ETF - December, resets each December and is much larger: $984 million in net assets versus ZNOV's $104 million as of July 31, 2026. PDEC returned 11.6% over the year to October 27, 2026, compared with ZNOV's 6.1%. That gap reflects a different balance between protection and upside. ZNOV's buffer targets 100% of losses, so it's worth comparing each fund's buffer and cap.
Is ZNOV good for retirement?
It may suit retirees who want exposure to the S&P 500 with near-full loss protection over a set year and who accept small, capped gains. It returned 6.18% in 2025, its only full calendar year. The drawbacks: it pays no income, it has no record through a major bear market, and its price moves during each period. Under the SEC's standard example, costs come to $978 over 10 years on $10,000.