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FNOV vs TENJ

FT Vest U.S. Equity Buffer ETF - November

FNOVCCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

Expense ratio

TENJ −0.32pt a year

FNOV0.85%TENJ0.53%

Avg volume · 30D

TENJ 1.3×the volume

FNOV18.4KTENJ24.6K

FNOV vs TENJ Performance

Oct 31, 2025 – Oct 30, 2026

+12.4%FNOV+11.7%TENJ

Oct 31, 2025 to Oct 30, 2026. FNOV +12.4%. TENJ +11.7%. Use the arrow keys to read each point.0%5%15%Oct 2025Apr 2026Oct 2026
Expense ratio
FNOV 0.85%
TENJ 0.53%, better
Fund size
FNOV $1.27B
TENJ $47M
1Y total return
FNOV +12.4%, better
TENJ +11.7%
Holdings
FNOV 3
TENJ 4
Avg volume (30D)
FNOV 18.4K sh
TENJ 24.6K sh, better
NAV per share
FNOV $60.21
TENJ $28.09
52W range

ETF.net Grade

FNOV: Cost 11, Risk 51, Mission not scored, Tradability 80, Holdings 59, Durability 89. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for FNOV, TENJ, with each pillar’s weight
PillarFNOVTENJ
Cost30% weightF11A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51HigherC49
Tradability15% weightA80HigherB66
Holdings10% weightB59HigherC51
Durability5% weightA89HigherC41

Rank among S&P 500 Buffer 9-12% funds

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

Same Category. FNOV and TENJ are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

TENJ ranks 3rd and FNOV 53rd of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 53CFJANFT Vest U.S. Equity Buffer ETF - JanuaryScore 44
  6. Rank 53CFNOVFT Vest U.S. Equity Buffer ETF - NovemberScore 44
  7. Rank 55CFJUNFT Vest U.S. Equity Buffer ETF - JuneScore 43

Our read on each fund

ETF.net Research

FNOVCFT Vest U.S. Equity Buffer ETF - November

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

FNOV One 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.

TENJ No data

Stated mandate

FNOV 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.

TENJ No data

Why people hold it

  • FNOV 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

TENJ No data

Worth knowing

  • FNOV 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.

TENJ No data

Full FNOV profile⁠

Full TENJ profile⁠

FNOV vs TENJ 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.

FNOV vs TENJ Cost

Overpaying FNOV vs TENJ

$5,663

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

  • FNOV 0.85%

    $16,199

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • FNOV 0.85%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FNOV $16,199TENJ $10,536

Year by year

YearFNOVTENJOverpaying
10$1,508$953$555
20$5,706$3,658$2,048
30$16,199$10,536$5,663

Expense ratio

  • 0.85%FNOV
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

FNOV 60th cheapest of 77 funds

FNOV vs TENJ Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
FNOV None
TENJ No data
Last payment
FNOV No data
TENJ $0.07
Ex-dividend
FNOV No data
TENJ Dec 23, 2025
Paid on
FNOV No data
TENJ Dec 29, 2025
Frequency
FNOV No data
TENJ Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

FNOVAll FNOV payments⁠

No distribution history available.

TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$0.052026YTD

FNOV vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FNOV 7.9%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
FNOV 1.44TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
FNOV −15.9%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
FNOV 0.67TENJ 0.63

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