IAUG vs INOV

IAUGBInnovator Intl Developed Power Buffer ETF

INOVCInnovator Intl Developed Power Buffer ETF

In short

IAUG Downside padding for foreign stocks instead of the usual S&P 500 target. IAUG shadows the iShares MSCI EAFE ETF, absorbs the first 15% of a year's losses, and trades away upside above a cap reset every August 1.

INOV Most buffer ETFs hedge the S&P 500. This one hedges the rest of the developed world: it targets the return of the iShares MSCI EAFE ETF with the first 15% of losses absorbed, in exchange for a cap reset every November.

Stated mandate

IAUG The Fund seeks to match the return of its underlying ETF up to a predetermined upside cap while protecting against the first 15% of underlying ETF losses during the outcome period.

INOV The Fund seeks to match the return of the iShares MSCI EAFE ETF, subject to a predetermined upside cap, while protecting the first 15% of losses during the outcome period.

Why people hold it

• IAUG The deal is written down in advance: match the reference ETF's return up to a preset cap, with the first 15% of its losses absorbed over an outcome period running August 1 to July 31.innovatoretfs.com
• One rung in a 12-month ladder on the same EAFE exposure (IJUL, ISEP, IOCT and the rest), so entry points can be staggered rather than pinned to a single reset date.innovatoretfs.com
• At 0.85% a year, it charges the same as the median fund in its buffered-international peer group. No premium for the international twist.

• INOV Rare bird in the buffer aisle: the reference asset is the iShares MSCI EAFE ETF, so the defined-outcome machinery is pointed at Europe, Japan and Australia rather than US large caps.innovatoretfs.com
• The 15% downside buffer is written into the fund's own terms, not a manager's judgment call. Same rule every outcome period, whatever the market mood.
• November is this fund's slot in a 12-month ladder (IJAN through IDEC all run the same EAFE playbook), so entry dates can be staggered instead of hinging on one reset.
• At 0.85% a year, the fee lands right at the median for its buffered peer group. No surcharge for the international plumbing.

Worth knowing

• IAUG Thinly traded with a small asset base, which usually means wider bid-ask spreads than the big buffer funds carry.
• The 15% buffer and the cap are engineered for investors who hold the full outcome period. Buy mid-period and your actual cushion and ceiling differ from the headline terms.innovatoretfs.com
• An options-built structure aimed at price outcomes, not cash flow. Distributions have not been part of the picture.

• INOV Upside is capped, and the cap is reset each November 1 for the following 12 months. Buying mid-period means taking whatever cap and remaining buffer exist that day, not the headline terms.
• Past the first 15%, losses pass straight through. The buffer is a cushion measured over the full outcome period, not a floor you can count on day to day.
• Small and thinly traded next to its siblings, so spreads and limit orders matter. Income isn't part of the design either; this structure has not been paying distributions.

Full IAUG profile⁠

Full INOV profile⁠