Innovator U.S. Equity Ultra Buffer ETF

Frequently Asked Questions About UNOV

What does UNOV invest in?

The Innovator U.S. Equity Ultra Buffer ETF aims to replicate the performance of the SPDR S&P 500 ETF Trust (SPY), with returns subject to a predefined upper limit. During its designated outcome period, this fund shields investors from losses ranging from 5% to 35%. Although it can be held continuously, the ETF resets its parameters approximately once a year at the conclusion of each outcome cycle.

What is the expense ratio of UNOV?

Innovator U.S. Equity Ultra Buffer ETF (UNOV) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations.

Is UNOV a good long-term hold?

UNOV is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does UNOV's daily reset work?

UNOV rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level, so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is UNOV?

Innovator U.S. Equity Ultra Buffer ETF (UNOV) manages $104.4M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is UNOV actively managed or an index fund?

UNOV's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.