What Is the NNOV ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Innovator Nasdaq-100 Power Buffer ETF – November (NNOV) tracks the Nasdaq-100 and resets every November. Over each outcome period, it cushions initial losses in exchange for capping gains at a set upper limit. Its options-based downside protection strategy and the outlook for the current period are the key points of investor interest.
SubscribeWhat Is the Innovator Nasdaq-100 Power Buffer ETF – November?
Based on the performance of QQQ, which tracks the Nasdaq-100 Index, this is a defined outcome ETF that uses FLEX options to protect against losses within a set range while capping upside at a predetermined limit.
It suits investors who want Nasdaq-100 exposure but also want some protection against downside volatility.
It is a passively managed (index-tracking) ETF run by Innovator.
How Do You Invest in the Innovator Nasdaq-100 Power Buffer ETF – November?
| Item | Details |
|---|---|
| Underlying Index | Nasdaq-100 (QQQ-based) |
| Management Style | Passive (rule-based options strategy) |
| Outcome Period | Resets once a year (November basis) |
| Dividend Frequency | Irregular |
| Total Expense Ratio | 0.79% |
By combining FLEX options, the fund cushions the Nasdaq-100's initial losses over the outcome period, while limiting upside returns to a predetermined cap. A new buffer and cap are set at each November reset.
- Options-based defined outcome structure
- Fixed reset cycle every November
Innovator Nasdaq-100 Power Buffer ETF – November: Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $76.3M, and the total expense ratio is 0.79% per year.
Because the reset timing and underlying index differ from those of the other buffer-series ETFs shown in the table, the buffer and cap ranges that apply will vary depending on when you invest.
Innovator Nasdaq-100 Power Buffer ETF – November: Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe fund follows the movement of the underlying Nasdaq-100 Index. Given its options structure, however, gains tend to lag the index as it approaches the cap during rallies, while losses tend to be reduced by the buffer amount during declines.
Interest in defined outcome products as a whole continues, led by investors seeking downside protection, and new inflows tend to be observed around reset dates, when a new outcome period begins.
Innovator Nasdaq-100 Power Buffer ETF – November: Pros and Cons
The downside protection structure is its core strength, while the cap on gains in rising markets and the reduced protection when selling mid-period are the drawbacks.
💪 Key Strengths
⚠️ Points to Watch
Innovator Nasdaq-100 Power Buffer ETF – November: Alternative and Related ETFs
Laddered buffer products such as BUFR, BUFD, and BUFQ shown in the table, the managed floor structure SFLR, and PJAN, which has a different underlying index and reset month, differ in structure and timing. Products with the same Nasdaq-100 underlying but different reset months include NFEB, NMAY, and NAUG. Also worth comparing are BUFF, which spreads multiple buffer ranges in a laddered fashion, and QQQ for those who want exposure to the Nasdaq-100 index itself without any protection.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BUFR | FT Vest Laddered Buffer ETF | $37.40 | -1.1% | $11.0B | 0.95% | - | +10.9% |
 SFLR | Innovator Equity Managed Floor ETF | $38.75 | -1.8% | $2.3B | 0.89% | 0.25% | +5.7% |
 BUFD | FT Vest Laddered Deep Buffer ETF | $30.37 | -0.8% | $2.2B | 0.95% | - | +9.1% |
 BUFQ | FT Vest Laddered Nasdaq Buffer ETF | $39.24 | -2.0% | $1.7B | 1.00% | - | +11.1% |
 FJAN | FT Vest U.S. Equity Buffer ETF - January | $56.42 | -1.1% | $1.5B | 0.85% | - | +11.3% |
Innovator Nasdaq-100 Power Buffer ETF – November: Investor Checkpoints
Here are the points to review before investing in NNOV. Because the protection and cap structure is central, it is important to check in advance where the current outcome period stands and when you plan to trade.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check options management costs | Annual fee applies |
| 📅 Outcome Period | Timing of purchase within the current reset cycle | Needs checking |
| 📊 Buffer and Cap Range | Current protection and cap levels | Needs checking |
| 🔁 Mid-Period Trading | How protection changes if sold mid-period | Caution needed |
In a rising market, the cap may cause returns to trail the Nasdaq-100 itself, and trading partway through an outcome period may mean the designed buffer and cap effects do not apply as intended.
It is a structure worth considering for investors who want to maintain Nasdaq-100 exposure while seeking downside protection, whereas those pursuing full upside potential may be better served by an index-tracking ETF such as QQQ.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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