Innovator U.S. Small Cap Power Buffer ETF - November

Innovator U.S. Small Cap Power Buffer ETF - November is an actively managed exchange-traded fund designed to provide exposure to the small-cap U.S. equity market through the iShares Russell 2000 ETF. The fund uses FLEX Options to seek results that follow the underlying ETF’s price performance up to a preset cap while buffering the first 15% of losses over each outcome period, before fees and expenses. KNOV resets annually, allowing the structure to roll into new outcome periods while remaining available for continuous holding. The ETF is part of Innovator’s defined outcome lineup and is used by market participants looking for packaged small-cap exposure with a built-in risk management framework. Its portfolio is centered on options and collateral, making it a specialized instrument within the broader U.S. equity ETF market.