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DNOV vs UFEB

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

DNOVCCboe

Innovator U.S. Equity Ultra Buffer ETF

UFEBBCboe

Overlap

0.0%by weight

Expense ratio

UFEB −0.06pt a year

DNOV0.85%UFEB0.79%

Avg volume · 30D

UFEB 3.4×the volume

DNOV9.71KUFEB32.8K

5Y return · a year

DNOV +1.4pt

DNOV+8.6%UFEB+7.2%

DNOV vs UFEB Performance

Nov 2, 2021 – Nov 2, 2026

+50.8%DNOV+41.8%UFEB

Nov 2, 2021 to Nov 2, 2026. DNOV +50.8%. UFEB +41.8%. Use the arrow keys to read each point.−10%0%10%20%30%Nov 2021May 2024Nov 2026
Expense ratio
DNOV 0.85%
UFEB 0.79%, better
Fund size
DNOV $410M
UFEB $167M
1Y total return
DNOV +11.4%, better
UFEB +9.4%
Holdings
DNOV 3
UFEB 3
Avg volume (30D)
DNOV 9.71K sh
UFEB 32.8K sh, better
NAV per share
DNOV $52.89
UFEB $39.55
52W range

ETF.net Grade

DNOV: Cost 31, Risk 61, Mission not scored, Tradability 69, Holdings 55, Durability 77. UFEB: Cost 67, Risk 64, Mission not scored, Tradability 63, Holdings not scored, Durability 45.
Pillar letters and Scores for DNOV, UFEB, with each pillar’s weight
PillarDNOVUFEB
Cost30% weightD31B67Higher
Mission25% weightNot scoredNot scored
Risk15% weightB61B64Higher
Tradability15% weightB69HigherB63
Holdings10% weightB55Not scored
Durability5% weightA77HigherC45

Rank among S&P 500 Deep Buffer 25-30% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DNOV and UFEB are both graded against the same 19 S&P 500 Deep Buffer 25-30% funds, so their Grades compare head to head.

S&P 500 Deep Buffer 25-30%⁠

Category · 19 funds
See all 19 ›

UFEB ranks 1st and DNOV 6th of 19 funds in the S&P 500 Deep Buffer 25-30% Category.

  1. Rank 1BPSCXPacer Swan SOS Conservative (January) ETFScore 63
  2. Rank 1BUFEBInnovator U.S. Equity Ultra Buffer ETFScore 63
  3. Rank 3BPSCQPacer Swan SOS Conservative (October) ETFScore 60
  4. Rank 6CDJANFT Vest U.S. Equity Deep Buffer ETF - JanuaryScore 50
  5. Rank 6CDNOVFT Vest U.S. Equity Deep Buffer ETF - NovemberScore 50
  6. Rank 6CPSCJPacer Swan SOS Conservative (July) ETFScore 50

Our read on each fund

ETF.net Research

DNOVCFT Vest U.S. Equity Deep Buffer ETF - November

UFEBBInnovator U.S. Equity Ultra Buffer ETF

In short

DNOV A deep-buffer take on the S&P 500: you absorb the first 5% of a drop, the fund's design targets the next 25 points of losses, and your upside is capped for the year. The terms reset every November.

UFEB No data

Stated mandate

DNOV The Fund seeks returns matching the price return of the State Street® SPDR® S&P 500® ETF Trust up to a 12.93% upside cap, while buffering Underlying ETF losses between -5% and -30% during the November 24, 2025–November 20, 2026 outcome period.

UFEB No data

Why people hold it

  • DNOV Deep buffer, not the entry-level kind: the design targets absorbing reference-fund losses from -5% down to -30% over each one-year outcome period, a 25-point band of cushion.ftportfolios.com
  • One of twelve monthly siblings (DFEB, DMAR, DJUN and the rest), so entry dates can be laddered across the calendar instead of hinging on a single November start.
  • Live since 2019 and through multiple full outcome periods, with a 0.85% fee that sits right at the median for deep-buffer funds.
  • A multi-hundred-million-dollar fund from First Trust, one of the more established names running defined-outcome strategies.

UFEB No data

Worth knowing

  • DNOV The cap is the price of the cushion, and it resets each November. Buy mid-period and your actual cap and remaining buffer differ from the headline terms.ftportfolios.com
  • It references the SPDR S&P 500 ETF Trust's price return, so index dividends are outside the payoff, and the fund itself has not been making regular distributions.
  • The first 5% of losses and anything past -30% land on you. Shares trade lightly, so spreads matter, and cheaper deep-buffer options exist (PSCX, PSCW at 0.49%).

UFEB No data

Full DNOV profile⁠

Full UFEB profile⁠

DNOV vs UFEB Holdings

How DNOV and UFEB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DNOV and 0.0% of UFEB.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile100%
  • Sector11 Sectors100%

Sector

Sector weights in DNOV and UFEB, widest gap first
SectorMore in DNOVMore in UFEB
TechnologySame weight
FinancialsSame weight
CommunicationSame weight
Health CareSame weight
Consumer DiscretionarySame weight
IndustrialsSame weight
Consumer StaplesSame weight
EnergySame weight
UtilitiesSame weight
Real EstateSame weight
MaterialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in DNOV and UFEB, widest gap first
CountryMore in DNOVMore in UFEB
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • DNOV102.9%
  • UFEB102.7%

Securities held

  • DNOV2
  • UFEB3

Asset class

DNOV
Multi-Asset
UFEB
Equity

Holdings

  • Only in DNOV2
  • In both0
  • Only in UFEB3

Only in DNOV

2 securities, 100% of DNOV by weight

  • 2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.58102.46%
  • 2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 626.080.08%

Only in UFEB

3 securities, 100% of UFEB by weight

  • Spy 01/29/2027 6.89 C101.63%
  • Spy 01/29/2027 657.37 P0.72%
  • Us Bank Mmda - Usbgfs 9 09/01/20370.32%

Weight gaps

DNOV and UFEB share no securities.

All 4 DNOV holdings⁠All 6 UFEB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DNOV vs UFEB Cost

Overpaying DNOV vs UFEB

$1,025

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

  • DNOV 0.85%

    $16,199

  • UFEB 0.79%

    $15,174

$10,000
30 years

Cost over time

  • DNOV 0.85%
  • UFEB 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DNOV $16,199UFEB $15,174

Year by year

YearDNOVUFEBOverpaying
10$1,508$1,405$103
20$5,706$5,331$375
30$16,199$15,174$1,025

Expense ratio

  • 0.85%DNOV
  • 0.79%UFEB, cheaper
  • Middle half of S&P 500 Deep Buffer 25-30% funds
  • Median 0.85%

UFEB 7th cheapest of 19 funds

DNOV 8th cheapest of 19 funds

DNOV vs UFEB Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
DNOV None
UFEB None

Distribution history

DNOVAll DNOV payments⁠

No distribution history available.

UFEBAll UFEB payments⁠

No distribution history available.

DNOV vs UFEB Risk

Fall from peak · 5 years

  • DNOV
  • UFEB
Nov 2, 2021 to Nov 2, 2026. Worst fall: DNOV −10.0% · Apr 2025. Use the arrow keys to read each point.−8%−6%−4%−2%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
DNOV 6.9%UFEB 5.9%, better
Return per unit of riskSharpe ratio, 3 years
DNOV 1.44, betterUFEB 1.43
Worst fallMax drawdown, 5 years
DNOV −10.0%UFEB −9.0%, better
Market sensitivityBeta, 5 years
DNOV 0.55UFEB 0.46

Popular comparisons

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  • DNOVCvsDFEBC

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    Expense ratio
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  • UFEBBvsDFEBC

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    Expense ratio
    0.79% · 0.85%
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