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XNOV

GradeCChicago Board Options Exchange

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

Accelerated Upside · First Trust · Inception 2023-11-17

$40.47−0.01 (−0.04%)

As of Sep 23, 2026, 2:12 PM EDT

History starts Nov 20, 2023.
Intraday session: down, 22 prints from 40.48 to 40.47. Range 40.47 to 40.49. Use the arrow keys to read each point.$40.47$40.48$40.4910 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$58M
1Y return
+10.7%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$40.45
52W range
low $36.50high $40.55

The ETF.net XNOV Grade

C

52/ 100

Rank 3 of 7 in S&P 500 Accelerated, 15% Buffer⁠

Confidence Low

Six-pillar profile for XNOV. Scores out of 100: Cost 39, Risk 53, Mission not scored, Tradability 72, Holdings 66, Durability 45. Strongest: Tradability (72). Weakest: Cost (39). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 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 39
    Category rank6/7 · 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 53
    Category rank3/6 · top 50%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 72
    Category rank1/7 · top 14%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 66
    Category rank2/5 · top 40%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 45
    Category rank5/7 · mid-pack

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

Our read on XNOV

ETF.net Research

CMost upside-boosted funds pay for the boost by dropping downside cover. XNOV runs both at once: roughly twice the price gain of the big S&P 500 ETF up to a cap, plus a 15% buffer, on a November-to-November clock that resets each year.

Stated mandate

The Fund seeks approximately twice the positive price return of the State Street® SPDR® S&P 500® ETF Trust, subject to an 11.06% upside cap, while protecting against the first 15% of losses during its November 2025–November 2026 outcome period.

Why people hold it

  1. 01Two-sided design: it aims for about twice the reference S&P 500 ETF's price gain up to a cap while absorbing the first 15% of losses across the outcome period.
  2. 02The payoff is written in FLEX options on the SPDR S&P 500 ETF Trust, so the terms are defined in the fund's documents up front, not left to a manager's judgment.ftportfolios.com
  3. 03One of a monthly series running the same recipe on different calendars (XMAR, XJUN, XDEC), so the 2x-plus-15%-buffer structure isn't tied to a single start date.
  4. 04Terms are mechanical and repeat: the doubled upside and 15% buffer carry into each new period, with a fresh cap struck every November since the 2023 launch.

Worth knowing

  1. 01The fee is 0.85%, above the 0.79% typical in its accelerated-buffer peer group. Structured payoffs cost more than plain index exposure.
  2. 02It's thinly traded, so spreads and order handling matter more here than with mainstream S&P 500 funds.
  3. 03Upside stops at the cap, income isn't part of the design, and the buffer math applies over the full period. Enter mid-period and your own cap and buffer differ from the stated terms.ftportfolios.com

XNOV Holdings

As of Sep 21, 2026, 5:49 PM
Asset class
Other
Holdings
5
Top-10 weight
121%
Largest holding
2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.60105.0%

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 6.60105.03%801$60M1
002—2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 659.0415.28%801$9M1
003—US Dollar0.42%239,623$240K394
004—2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.040.30%801$175K1

Showing 1–4 of 4 holdings

XNOV Performance

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

XNOV$11,069
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. XNOV $11,069. 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 XNOV. Periods over one year show the average yearly return.
PeriodXNOV
Year to date+6.9%
1 month+0.8%
3 months+2.5%
1 year+10.7%
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 XNOV
YearReturn barXNOV
2026 YTD+6.9%
2025+11.3%
2024+8.2%
2023+2.1%

History from Nov 20, 2023

XNOV in the news

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

XNOV Dividends

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

No distributions in the last 12 months.

XNOV Risk

How much the fund’s monthly returns vary, scaled to a year.
4.3%
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.
1.24
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.
−10.0%
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.
0.32
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.

XNOV Cost

Expense ratio0.85%
  • The middle half of S&P 500 Accelerated, 15% Buffer funds
  • Median 0.85%

1 of the 7 S&P 500 Accelerated, 15% Buffer funds charge less.

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