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Launched

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

XNOVCboeFirst TrustC

$40.47−0.28 (−0.70%)

At close: Nov 5, 2026, 4:00 PM ET

C52/ 100

Rank 2 of 7 in S&P 500 Accelerated, 15% Buffer

C52/100Rank 2 of 7inS&P 500 Accelerated, 15% Buffer
Intraday session: down, 79 prints from 40.75 to 40.47. Range 40.47 to 40.77. Use the arrow keys to read each point.40.5040.5540.6040.6540.7010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$25M
1Y total return
+9.5%
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
9.67K sh
52W range
low $36.82high $40.77
Launched

The ETF.net XNOV Grade

Based on 5 of 6 pillars

C

Score 52 out of 100

Category
S&P 500 Accelerated, 15% Buffer⁠
Rank
2 of 7
Six-pillar profile for XNOV. Scores out of 100: Cost 40, Risk 53, Mission not scored, Tradability 73, Holdings 65, Durability 38. Strongest: Tradability (73). Weakest: Durability (38). Based on 5 of 6 pillars.

Score 52 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.
    C40 out of 100
    Rank 2 of 7

  • 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.
    C53 out of 100
    Rank 3 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 2 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B65 out of 100
    Rank 2 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D38 out of 100
    Rank 6 of 7

Our read on XNOV

ETF.net Research

In short

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

  • Two-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.
  • The 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
  • One 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.
  • Terms 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

  • The fee is 0.85%, above the 0.79% typical in its accelerated-buffer peer group. Structured payoffs cost more than plain index exposure.
  • It's thinly traded, so spreads and order handling matter more here than with mainstream S&P 500 funds.
  • Upside 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 Performance

Launched Nov 17, 2023

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.Not enough history yet.Not enough history yet.
XNOV$10,954
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. XNOV $10,954. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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−0.3%
3 months+1.0%
1 year+9.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
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 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

XNOV Dividends

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

No distributions in the last 12 months.

XNOV Risk

Risk pillarC53 out of 100Rank 3 of 7 in S&P 500 Accelerated, 15% Buffer
How much the fund’s monthly returns vary, scaled to a year.
4.2%
Annualised · 35 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.
1.23
vs 3-month T-bills · 35 months 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.
−10.0%
35 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.

FMP measures it over up to five years of monthly returns.

XNOV Cost

Compare XNOV and CTAU

Overpaying vs CTAU, cheapest in S&P 500 Accelerated, 15% Buffer

$10,050

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

  • XNOV 0.85%

    $16,199

  • CTAU 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • XNOV 0.85%
  • CTAU 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530XNOV $16,199CTAU $6,149

Year by year

YearXNOVCTAUOverpaying
10$1,508$545$963
20$5,706$2,113$3,593
30$16,199$6,149$10,050

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