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DNOV

GradeCChicago Board Options Exchange

FT Vest U.S. Equity Deep Buffer ETF - November

Buffered · First Trust · Inception 2019-11-15 · SEC filings

$52.70−0.07 (−0.13%)

As of Sep 23, 2026, 2:16 PM EDT

Intraday session: down, 47 prints from 52.77 to 52.70. Range 52.67 to 52.87. Use the arrow keys to read each point.$52.75$52.80$52.8510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$406M
1Y return
+12.8%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$52.73
52W range
low $46.46high $52.83

The ETF.net DNOV Grade

C

48/ 100

Rank 7 of 19 in S&P 500 Deep Buffer 25-30%⁠

Confidence Medium

Six-pillar profile for DNOV. Scores out of 100: Cost 31, Risk 55, Mission not scored, Tradability 66, Holdings 55, Durability 78. Strongest: Durability (78). Weakest: Cost (31). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C 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.
    DScore 31
    Category rank17/19 · 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 55
    Category rank6/18 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 66
    Category rank5/19 · top 26%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 55
    Category rank9/12 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 78
    Category rank3/19 · top 16%

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

Our read on DNOV

ETF.net Research

CA deep-buffer take on the S&P 500: you absorb the first 5% of a drop, the fund's design targets the next 25 points of losses, and your upside is capped for the year. The terms reset every November.

Stated mandate

The Fund seeks returns matching the price return of the State Street® SPDR® S&P 500® ETF Trust up to a 12.93% upside cap, while buffering Underlying ETF losses between -5% and -30% during the November 24, 2025–November 20, 2026 outcome period.

Why people hold it

  1. 01Deep buffer, not the entry-level kind: the design targets absorbing reference-fund losses from -5% down to -30% over each one-year outcome period, a 25-point band of cushion.ftportfolios.com
  2. 02One of twelve monthly siblings (DFEB, DMAR, DJUN and the rest), so entry dates can be laddered across the calendar instead of hinging on a single November start.
  3. 03Live since 2019 and through multiple full outcome periods, with a 0.85% fee that sits right at the median for deep-buffer funds.
  4. 04A multi-hundred-million-dollar fund from First Trust, one of the more established names running defined-outcome strategies.

Worth knowing

  1. 01The cap is the price of the cushion, and it resets each November. Buy mid-period and your actual cap and remaining buffer differ from the headline terms.ftportfolios.com
  2. 02It references the SPDR S&P 500 ETF Trust's price return, so index dividends are outside the payoff, and the fund itself has not been making regular distributions.
  3. 03The first 5% of losses and anything past -30% land on you. Shares trade lightly, so spreads matter, and cheaper deep-buffer options exist (PSCX, PSCW at 0.49%).

DNOV Holdings

As of Sep 21, 2026, 5:43 PM
Asset class
Other
Holdings
4
Top-10 weight
105%
Largest holding
2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.58103.9%

Sectors

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 6.58103.93%5,573$421M1
002—US Dollar0.40%1,639,149$2M394
003—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 626.080.20%5,573$799K1

Showing 1–3 of 3 holdings

DNOV Performance

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

DNOV$11,282
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DNOV $11,282. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 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 DNOV. Periods over one year show the average yearly return.
PeriodDNOV
Year to date+8.0%
1 month+1.0%
3 months+3.1%
1 year+12.8%
3 years+13.9%per year
5 years+8.6%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 DNOV
YearReturn barDNOV
2026 YTD+8.0%
2025+13.9%
2024+10.7%
2023+18.5%
2022−7.5%
2021+6.0%
2020+7.5%

DNOV in the news

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

DNOV Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

DNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
7.7%
Annualised · 36 months to Aug 2026
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.
0.98
vs 3-month T-bills · to Aug 2026
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.
−10.0%
Trough Apr 2025
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.
0.55
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.

DNOV Cost

Expense ratio0.85%
  • The middle half of S&P 500 Deep Buffer 25-30% funds
  • Median 0.85%

7 of the 19 S&P 500 Deep Buffer 25-30% funds charge less.

DNOV costs $85.00 a year on $10,000. The median S&P 500 Deep Buffer 25-30% fund costs $85.00.