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FNOV

GradeCChicago Board Options Exchange

FT Vest U.S. Equity Buffer ETF - November

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

$60.23−0.17 (−0.29%)

As of Sep 23, 2026, 3:06 PM EDT

Intraday session: down, 56 prints from 60.41 to 60.23. Range 60.20 to 60.54. Use the arrow keys to read each point.$60.30$60.40$60.5010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$1.3B
1Y return
+14.4%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$60.36
52W range
low $52.25high $60.47

The ETF.net FNOV Grade

C

44/ 100

Rank 48 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for FNOV. Scores out of 100: Cost 11, Risk 51, Mission not scored, Tradability 80, Holdings 60, Durability 89. Strongest: Durability (89). Weakest: Cost (11). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 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.
    FScore 11
    Category rank73/77 · 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.
    CScore 51
    Category rank42/73 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 80
    Category rank8/77 · top 10%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 60
    Category rank19/42 · top 45%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 89
    Category rank2/77 · top 3%

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

Our read on FNOV

ETF.net Research

COne of the original November-reset buffer funds: since 2019 it has run a rolling 12-month claim on SPY's price, absorbing the first 10% of losses in exchange for an upside cap that resets 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 predetermined cap, while buffering the first 10% of losses during the current November outcome period.

Why people hold it

  1. 01The deal is written down, not improvised: FLEX options on SPY, the first 10% of price losses absorbed, upside capped, everything reset on a known November date.sec.gov
  2. 02Live since November 2019, through a bear market and multiple resets, and now a multi-billion-dollar member of First Trust's every-month buffer ladder.sec.gov
  3. 03The options settle through the Options Clearing Corporation, so the buffer does not hang on a single bank's creditworthiness the way a structured note does.sec.gov

Worth knowing

  1. 01The 10% buffer and the cap belong to the full outcome period. Buy mid-period and your own cushion and upside room differ from the headline terms.sec.gov
  2. 020.85% a year, above the typical buffer fund. Similar 10% buffer exposure trades cheaper elsewhere, such as ZALT at 0.69% or the laddered BUFB at 0.10%.
  3. 03It follows SPY's price return, so index dividends do not come through and the fund is not built as an income payer.

FNOV Holdings

As of Sep 21, 2026, 5:41 PM
Asset class
Other
Holdings
4
Top-10 weight
102%
Largest holding
2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.59101.6%

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 6.59101.60%16,906$1.3B1
002—US Dollar0.39%4,860,194$5M394
003—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.030.29%16,906$4M1

Showing 1–3 of 3 holdings

FNOV Performance

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

FNOV$11,437
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. FNOV $11,437. 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 FNOV. Periods over one year show the average yearly return.
PeriodFNOV
Year to date+10.2%
1 month+1.2%
3 months+3.6%
1 year+14.4%
3 years+15.5%per year
5 years+9.7%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 FNOV
YearReturn barFNOV
2026 YTD+10.2%
2025+14.7%
2024+12.5%
2023+19.7%
2022−8.9%
2021+10.8%
2020+12.3%

FNOV in the news

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

FNOV Dividends

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

No distributions in the last 12 months.

FNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
8.8%
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.
0.99
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.
−15.9%
Trough Oct 2022
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.
0.66
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.

FNOV Cost

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

59 of the 77 S&P 500 Buffer 9-12% funds charge less.

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