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DLNV

GradeDChicago Board Options Exchange

FT Vest U.S. Equity Dual Directional Buffer ETF - November

Dual Directional · First Trust · Inception 2025-11-21

$33.83+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

History starts Nov 24, 2025.History starts Nov 24, 2025.
Intraday session: flat, 2 prints from 33.83 to 33.83. Range 33.83 to 33.86. Use the arrow keys to read each point.$33.83$33.84$33.85$33.8610 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$20M
1Y return
—
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$33.80
52W range
low $29.95high $33.80

The ETF.net DLNV Grade

D

38/ 100

Rank 8 of 11 in S&P 500 Dual Directional, 9-12% Buffer⁠

Confidence Medium

Six-pillar profile for DLNV. Scores out of 100: Cost 21, Risk 63, Mission not scored, Tradability 38, Holdings 62, Durability 62. Strongest: Risk (63). Weakest: Cost (21). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank10/11 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 63
    Category rank2/11 · top 18%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 38
    Category rank7/11 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 62
    Category rank1/3 · top 33%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 62
    Category rank4/11 · top 36%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on DLNV

ETF.net Research

DMost buffer funds just cushion a drop. This one aims to convert it: if SPY finishes the one-year period down but within 10%, DLNV targets an equal-sized gain, with a 10% buffer on deeper losses. Upside is capped, and the cap resets each November.

Stated mandate

The fund seeks to match SPY's price return up to a preset upside cap, or to match the absolute value of SPY losses through a 10% inverse-performance threshold, while buffering 10% of losses beyond that threshold over approximately one year.

Why people hold it

  1. 01The dual directional twist: a mild market decline can register as a gain, since the fund seeks the absolute value of SPY's loss up to a 10% inverse-performance threshold.ftportfolios.com
  2. 02Past that threshold, a 10% buffer absorbs the first slice of deeper losses. The structure is perpetual: each November the period rolls and a fresh cap is set to market conditions.ftportfolios.com
  3. 03One reference, one job. The portfolio is FLEX options on SPY, so there is no stock picking or index drift to second-guess, just the payoff formula.ftportfolios.com

Worth knowing

  1. 01At 0.85% it charges more than Innovator's dual directional siblings (DDTN, DDTD) at 0.79%, the closest things to a direct comparison in this small niche.
  2. 02The threshold is all-or-nothing at period end: if SPY closes below it, the inverse gains are forfeited and holders get the loss reduced by the buffer instead.sec.gov
  3. 03Launched in 2025, still small and thinly traded, and income is not part of the design. The stated outcomes apply to shares held for the full period.ftportfolios.com

DLNV Holdings

As of Sep 21, 2026, 5:49 PM
Asset class
Other
Holdings
5
Top-10 weight
105%
Largest holding
2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.62103.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.62103.08%276$21M1
002—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.060.60%552$121K1
003—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 576.680.45%1,104$90K1
004—US Dollar0.43%87,197$87K394

Showing 1–4 of 4 holdings

DLNV Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DLNV$10,857
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. DLNV $10,857. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DLNV. Periods over one year show the average yearly return.
PeriodDLNV
Year to date+8.6%
1 month+1.0%
3 months+3.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DLNV
YearReturn barDLNV
2026 YTD+8.6%
2025+1.7%

History from Nov 24, 2025

DLNV in the news

ETF.net Research hasn’t filed on DLNV yet — coverage lands here as it’s written.

DLNV Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Nov 2025. No distributions yet.

DLNV Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.48
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DLNV Cost

Expense ratio0.85%
  • The middle half of S&P 500 Dual Directional, 9-12% Buffer funds
  • Median 0.79%

5 of the 9 S&P 500 Dual Directional, 9-12% Buffer funds charge less.

DLNV costs $85.00 a year on $10,000. The median S&P 500 Dual Directional, 9-12% Buffer fund costs $79.00.