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Launched

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

DLNVCboeFirst TrustD

$33.99+0.14 (+0.40%)

As of Nov 2, 2026, 10:37 AM ET

D38/ 100

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

D38/100Rank 9 of 11inS&P 500 Dual Directional, 9-12% Buffer
Intraday session: up, 8 prints from 33.85 to 33.99. Range 33.85 to 33.99. Use the arrow keys to read each point.33.8833.9033.9233.9510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$20M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
965 sh
52W range
low $29.95high $34.05
Launched

The ETF.net DLNV Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
S&P 500 Dual Directional, 9-12% Buffer⁠
Rank
9 of 11
Six-pillar profile for DLNV. Scores out of 100: Cost 21, Risk 65, Mission not scored, Tradability 42, Holdings 70, Durability 55. Strongest: Holdings (70). Weakest: Cost (21). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F21 out of 100
    Rank 8 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B65 out of 100
    Rank 2 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C42 out of 100
    Rank 9 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A70 out of 100
    Rank 1 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B55 out of 100
    Rank 6 of 11

Our read on DLNV

ETF.net Research

In short

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

  • The 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
  • Past 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
  • One 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

  • At 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.
  • The 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
  • Launched 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 Performance

Launched Nov 21, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
DLNV$10,864
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,169
Dec 31, 2025 to Oct 30, 2026. DLNV $10,864. SPY $11,169. Use the arrow keys to read each point.$10,000$11,000Dec 2025Jun 2026Oct 2026

Dec 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+0.2%
3 months+2.1%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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

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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Nov 2025. No distributions yet.

DLNV Risk

Risk pillarB65 out of 100Rank 2 of 11 in S&P 500 Dual Directional, 9-12% Buffer
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.
0.47
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.

FMP measures it over up to five years of monthly returns.

DLNV Cost

Compare DLNV and DDFZ

Overpaying vs DDFZ, tied cheapest in S&P 500 Dual Directional, 9-12% Buffer

$1,025

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DLNV 0.85%

    $16,199

  • DDFZ 0.79% Tied cheapest

    $15,174

$10,000
30 years

Cost over time

  • DLNV 0.85%
  • DDFZ 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DLNV $16,199DDFZ $15,174

Year by year

YearDLNVDDFZOverpaying
10$1,508$1,405$103
20$5,706$5,331$375
30$16,199$15,174$1,025

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