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GNOV

GradeCChicago Board Options Exchange

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

Buffered · First Trust · Inception 2023-11-17

$42.82−0.08 (−0.20%)

As of Sep 23, 2026, 2:15 PM EDT

History starts Nov 20, 2023.
Intraday session: down, 47 prints from 42.90 to 42.82. Range 42.82 to 42.94. Use the arrow keys to read each point.$42.85$42.90$42.9510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$298M
1Y return
+13.0%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$42.91
52W range
low $37.78high $43.36

The ETF.net GNOV Grade

C

40/ 100

Rank 40 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for GNOV. Scores out of 100: Cost 13, Risk 56, Mission not scored, Tradability 61, Holdings 57, Durability 72. Strongest: Durability (72). Weakest: Cost (13). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 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 13
    Category rank56/61 · 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 56
    Category rank20/57 · top 35%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 61
    Category rank23/61 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 57
    Category rank17/32 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 72
    Category rank19/61 · top 31%

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

Our read on GNOV

ETF.net Research

CFirst Trust's November rung in a 12-month buffer ladder: it follows SPY's price return (dividends excluded), absorbs the first 15% of a period's losses, and caps the upside in exchange.

Stated mandate

The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust, subject to a predetermined upside cap and protection against the first 15% of losses during the stated outcome period.

Why people hold it

  1. 01The cushion is written into the fund's terms: the first 15% of SPY's price decline over the outcome period is absorbed before losses reach you.
  2. 02The outcome period runs November to November and resets annually, so it slots in as one rung of First Trust's monthly moderate-buffer ladder (GJAN, GAPR, GJUL and the rest).
  3. 03Reference asset is SPY itself, plain vanilla US large caps, not a bespoke options index. And it comes in a registered 1940 Act fund, not a bank-issued note.

Worth knowing

  1. 01At 0.85%, the fee sits above the 0.79% median for its buffer peer group and far above laddered options like BUFF at 0.10%.
  2. 02Buffer and cap are engineered for the full November-to-November stretch. Buy mid-period and you get whatever cushion and headroom are left, not the stated terms.
  3. 03It trades lightly next to the biggest buffer ETFs, which can mean wider spreads; limit orders are the standard approach.

GNOV Holdings

As of Sep 21, 2026, 5:45 PM
Asset class
Other
Holdings
4
Top-10 weight
104%
Largest holding
2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.61103.7%

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 6.61103.66%4,083$308M1
002—US Dollar0.40%1,198,460$1M394
003—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.050.30%4,083$894K1

Showing 1–3 of 3 holdings

GNOV Performance

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

GNOV$11,300
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. GNOV $11,300. 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 GNOV. Periods over one year show the average yearly return.
PeriodGNOV
Year to date+8.1%
1 month+0.9%
3 months+2.9%
1 year+13.0%
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 GNOV
YearReturn barGNOV
2026 YTD+8.1%
2025+13.6%
2024+10.3%
2023+2.9%

History from Nov 20, 2023

GNOV in the news

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

GNOV Dividends

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

No distributions in the last 12 months.

GNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
5.4%
Annualised · 33 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.
1.38
vs 3-month T-bills · 33 months 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.
−10.7%
34 months · 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.
0.38
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.

GNOV Cost

Expense ratio0.85%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

35 of the 50 S&P 500 Buffer 15% funds charge less.

GNOV costs $85.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.