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Launched · SEC filings

FT Vest U.S. Equity Buffer ETF - November

FNOVCboeFirst TrustC

$59.99−0.24 (−0.40%)

As of Nov 2, 2026, 3:59 PM ET

C44/ 100

Rank 53 of 77 in S&P 500 Buffer 9-12%

C44/100Rank 53 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 78 prints from 60.23 to 59.99. Range 59.99 to 60.69. Use the arrow keys to read each point.60.4060.6010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$1.27B
1Y total return
+12.4%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
18.4K sh
52W range
low $52.25high $60.98
Launched
Filings
SEC EDGAR

The ETF.net FNOV Grade

Based on 5 of 6 pillars

C

Score 44 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
53 of 77
Six-pillar profile for FNOV. Scores out of 100: Cost 11, Risk 51, Mission not scored, Tradability 80, Holdings 59, Durability 89. Strongest: Durability (89). Weakest: Cost (11). Based on 5 of 6 pillars.

Score 44 of 100 falls in the C 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.
    F11 out of 100
    Rank 60 of 77

  • 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.
    C51 out of 100
    Rank 43 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 8 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B59 out of 100
    Rank 21 of 45

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A89 out of 100
    Rank 2 of 77

Our read on FNOV

ETF.net Research

In short

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

  • The 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
  • Live 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
  • The 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

  • The 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
  • 0.85% 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%.
  • It follows SPY's price return, so index dividends do not come through and the fund is not built as an income payer.

FNOV Performance

Launched Nov 15, 2019

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.
FNOV$11,236
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FNOV $11,236. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 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 FNOV. Periods over one year show the average yearly return.
PeriodFNOV
Year to date+9.9%
1 month+0.1%
3 months+2.3%
1 year+12.4%
3 yearsper year+16.6%
5 yearsper year+9.4%
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 FNOV
YearReturn barFNOV
2026 YTD+9.9%
2025+14.7%
2024+12.5%
2023+19.7%
2022−8.9%
2021+10.8%
2020+12.3%

FNOV in the news

FNOV Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

FNOV Risk

Risk pillarC51 out of 100Rank 43 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
7.9%
Annualised · 36 months to Oct 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.
1.44
vs 3-month T-bills · to Oct 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.
0.67
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.

FNOV Cost

Compare FNOV and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$11,040

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

  • FNOV 0.85%

    $16,199

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • FNOV 0.85%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FNOV $16,199XTR $5,159

Year by year

YearFNOVXTROverpaying
10$1,508$455$1,053
20$5,706$1,769$3,937
30$16,199$5,159$11,040

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