At a glance
DNOV charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $402.2M in assets, the 8th largest of that group. Over the past year it returned +12.1% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +15.9% a year. At its worst it fell 15.0% in the 2020 crash (S&P 500: 33.7%) and 9.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 12 months after the lows.
The short version
FT Vest U.S. Equity Deep Buffer ETF – November (DNOV) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Over each one-year outcome period starting in November, it aims to absorb SPY price losses between -5% and -30%. In exchange, gains are capped: 12.93% before fees for the period ending November 20, 2026. It charges 0.85% a year and pays no dividends.
Price history
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DNOV +12.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DNOV official prospectus, to Dec 31, 2024 | — | +11.07% | — | +6.71% | — | +6.87% |
| DNOV price data to Oct 27, 2026 | +8.7% | +12.1% | +15.9% | +8.7% | — | +8.3% |
- Over the year to Oct 27, 2026, DNOV returned +12.1%, 4th of 8 among similar funds.
- Its 5-year annualized return was +8.7%.
- In the 2020 COVID crash it fell 15% and regained its old high 4.6 months after the low.
- Its worst full calendar year was 2022 (-7.5%); its best was 2023 (+18.5%).
- The deepest fall in its price history was 15% (Feb 19, 2020 to Mar 18, 2020), recovered by Aug 5, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +13.9% | — |
| 2024 | +10.7% | +11.07% |
| 2023 | +18.5% | +18.26% |
| 2022 | -7.5% | -7.52% |
| 2021 | +6.0% | +5.90% |
| 2020 | +7.5% | +7.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15% over that stretch · deepest drop along the way 15%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.7% over that stretch · deepest drop along the way 9.6%, back to its old high 11.8 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.18%, +0.68%, +1.37%.
How it works
DNOV does not own stocks directly. It puts substantially all of its money into FLEX options, which are exchange-traded option contracts whose strike prices and expiration dates can be customized. These options track the price of the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the stocks in the S&P 500 Index. Vest Financial, the sub-advisor, builds the options package. As of August 31, 2026, 16 option positions made up 99.6% of assets, and cash made up 0.48%. The fund follows SPY's price only, so it does not earn SPY's dividends.
For the outcome period from November 24, 2025 to November 20, 2026, the target results for a full-period holder are as follows. If SPY rises, the fund matches the gain up to a 12.93% cap (12.08% after fees). The holder bears the first 5% of any loss. Losses between -5% and -30% are buffered, so if SPY falls 30%, the fund aims to lose about 5% before fees. Beyond that, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%.
At each reset, the fund buys new options. The cap changes with market conditions, but the buffer stays the same. If you buy after the period starts or sell before it ends, your results can differ sharply from these targets, because the options are priced at market value until they expire.
What it really costs
- DNOV charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It trades away part of the S&P 500's upside for a deep buffer against losses, and its swings have been well below the market's.
DNOV could offer a gentler way to hold S&P 500 exposure. Over one year its beta was 0.37, meaning it moved about a third as much as the market. It launched in November 2019, so it has no 2008 record. In the 2020 COVID crash it still fell 15% between February 19 and March 18, 2020, because the buffer applies fully only at the end of a period. It recovered by August 5, 2020, about 4.6 months later. In 2022 it dropped 9.6% and took 11.8 months to recover. That year, at -7.52%, was its worst calendar year. Someone who must sell in a bad year has faced smaller losses than in a plain stock fund, but not zero.
It has recorded no distributions, so any income would have to come from selling shares. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a buffer on losses between 5% and 30%, and accept the cap on gains.
- Investors who can buy near the November reset and hold the full year, when the cap and buffer apply as designed.
- Those who value a calmer ride: one-year volatility was 5.1%, and the worst calendar year was -7.52% in 2022.
Look elsewhere if
- Anyone who needs income: DNOV has recorded no distributions, and its returns leave out the dividends SPY pays.
- Investors who want full stock-market gains; anything above the cap (12.08% after fees for the period ending November 2026) is given up.
- Those who'd rather not time purchases; the laddered BUFD spreads out start dates, but it costs 0.95% versus DNOV's 0.85%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DNOV this fund | 0.85% | $402.2M | +12.1% | +15.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DNOV pay dividends?
No. DNOV has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. The prospectus states that the fund's performance will not reflect the dividends SPY pays. Over time, missing those dividends is part of the price of the buffer. Investors who need regular cash from this holding would have to sell shares.
How does the DNOV deep buffer work?
The deep buffer covers SPY price losses between -5% and -30% over a roughly one-year outcome period. The holder bears the first 5% of any loss. If SPY falls 30%, the fund aims to lose about 5% before fees (5.85% after fees). If SPY falls more than 30%, the fund loses 25 percentage points less than SPY, with a maximum loss of about 75%. These targets apply only to shares held for the full period.
What happens if I buy DNOV in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those targets apply to shares bought on the first day of a period, such as November 24, 2025, and held until it ends on November 20, 2026. Before the options expire, they are priced at market value. In early 2020, for example, the fund fell 15% between February 19 and March 18. A mid-period buyer may have less buffer or less room to gain before hitting the cap.
What's the difference between DNOV and BUFD?
Both are First Trust deep buffer funds. DNOV runs a single outcome period that resets each November. BUFD, the FT Vest Laddered Deep Buffer ETF, is a laddered fund, meaning it spreads money across buffer periods with staggered start dates. That makes timing a purchase less important. BUFD costs 0.95% against DNOV's 0.85%, and it is much larger, at about $2.0 billion versus $402 million as of August 31, 2026. As of October 27, 2026, DNOV's one-year return was 12.1% and BUFD's was 9.5%.
Can you lose money in DNOV?
Yes. The prospectus warns that a shareholder could lose their entire investment. Holders bear the first 5% of any SPY loss, plus fees, and losses beyond 30% are only partly buffered. In practice, DNOV fell 7.52% in calendar 2022. Its deepest drop was 15%, in early 2020, and it recovered in about 4.6 months. Its record runs from its November 2019 launch, so it has never been tested by a crisis like 2008.