At a glance
FNOV charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.24B in assets, the 7th largest of that group. Over the past year it returned +13.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +17.6% a year. At its worst it fell 23.9% in the 2020 crash (S&P 500: 33.7%) and 15.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The short version
FT Vest U.S. Equity Buffer ETF – November (FNOV), from First Trust with sub-advisor Vest Financial, holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Over each roughly one-year period starting in late November, it aims to absorb the first 10% of SPY's price losses. In exchange, gains are capped: 16.62% before fees for the period ending November 20, 2026. It costs 0.85% a year and pays no dividends.
Price history
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FNOV +13.2% 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 | |
|---|---|---|---|---|---|---|
| FNOV official prospectus, to Dec 31, 2024 | — | +12.75% | — | +8.87% | — | +9.18% |
| FNOV price data to Oct 27, 2026 | +10.9% | +13.2% | +17.6% | +9.6% | — | +10.4% |
- Over the year to Oct 27, 2026, FNOV returned +13.2%, 1st of 8 among similar funds.
- Its 5-year annualized return was +9.6%.
- In the 2020 COVID crash it fell 23.9% and regained its old high 4.5 months after the low.
- Its worst full calendar year was 2022 (-8.9%); its best was 2023 (+19.7%).
- The deepest fall in its price history was 24.4% (Dec 16, 2019 to Mar 23, 2020), recovered by Aug 17, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.9% | — |
| 2025 | +14.7% | — |
| 2024 | +12.5% | +12.75% |
| 2023 | +19.7% | +19.65% |
| 2022 | -8.9% | -9.13% |
| 2021 | +10.8% | +10.76% |
| 2020 | +12.3% | +12.64% |
| 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 23.9% over that stretch · deepest drop along the way 23.9%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.9% over that stretch · deepest drop along the way 15.9%, back to its old high 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 withdrew a net $43.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.05%, +0.68%, +1.77%.
How it works
FNOV does not buy the 500 stocks itself. It puts substantially all its assets in FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized, and FNOV's options track the price of SPY, a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, the fund held 20 option positions making up 99.61% of its $1.24 billion in assets, plus 0.46% in cash. The largest single position was about 83% of assets. Because FNOV follows SPY's price only, its returns leave out SPY's dividends.
The options are bought as a package at the start of each roughly one-year "target outcome period." For November 24, 2025 through November 20, 2026, the cap was 16.62% and the buffer covered the first 10% of SPY losses, both before fees. After the 0.85% fee, those become 15.77% and 9.15%. If SPY falls more than 10%, the fund takes the extra losses one for one. A 20% SPY drop means roughly a 10% fund loss before fees.
When each period ends, the fund resets with new options. The 10% buffer stays the same, but the cap changes with market conditions. About a week before a period ends, the fund's website posts an expected cap range. These outcomes apply only to shares held from the first day of a period to the last. Buying or selling partway through can produce very different results.
What it really costs
- FNOV 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 some stock-market upside for a buffer against moderate yearly losses in SPY, which made its ride gentler than the S&P 500's.
FNOV could give a retirement portfolio exposure to large US stocks with smaller swings. Its one-year beta, a measure of how much it moves with the market, was 0.55 as of October 27, 2026. But the buffer applies over a full outcome period, not day to day. In the 2020 COVID crash, shares fell 23.9% and took about 4.5 months to recover. In the 2022 bear market they fell 15.9% and took about eight months. Its worst calendar year was 2022, at -9.13% according to the prospectus. Anyone forced to sell near a low point could still lock in a real loss. The fund pays no distributions, so spending money would have to come from selling shares. Its 0.85% expense ratio is close to the 0.86% average of 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 exposure with the first 10% of SPY price losses buffered each period, and who accept capped gains.
- Buyers who can buy near the late-November reset and hold for the full year, the only case where the stated cap and buffer apply.
- People willing to pay 0.85% a year, near the 0.86% average of similar buffer funds, for a beta of 0.55.
Look elsewhere if
- Income seekers: FNOV has paid no distributions, and its returns leave out the dividends SPY pays.
- Investors who want all of the stock market's upside, since gains are capped each period, at 16.62% before fees for the period ending November 2026.
- Anyone who needs protection at any moment: shares fell 23.9% in early 2020 and 15.9% in 2022 before recovering.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FNOV this fund | 0.85% | $1.24B | +13.2% | +17.6% |
| 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 FNOV pay dividends?
No. FNOV has no recorded distributions. The fund holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and the prospectus states that its performance does not reflect the dividends SPY pays. That makes it a poor fit for anyone who needs regular income from a holding. Any cash taken from FNOV would have to come from selling shares, ideally near the end of an outcome period, when the buffer and cap apply.
How does the FNOV buffer work?
The buffer absorbs the first 10% of SPY price losses over each roughly one-year outcome period, before fees. After fees, it was 9.15% for the period from November 24, 2025 to November 20, 2026. If SPY falls more than 10%, FNOV takes the further losses one for one. A 20% SPY drop would mean about a 10% fund loss before fees. In exchange, gains are capped, at 16.62% before fees for that period.
What happens if I buy FNOV in the middle of the outcome period?
Your results can differ a lot from the stated cap and buffer. Those levels are fixed against SPY's price and the fund's net asset value on the first day of each period. If SPY has already risen, a mid-period buyer may have little room left under the cap and may sit above the buffer. If SPY has fallen, part of the buffer may already be used up. The prospectus says shares generally move in the same direction as SPY, but not always by the same amount.
What's the difference between FNOV and FDEC?
Mainly the reset month. FT Vest US Equity Buffer ETF – December (FDEC) uses the same approach and costs the same 0.85%, but its outcome period starts in December, so its cap is set under different market conditions. As of October 27, 2026, FDEC returned 12.9% over one year and 18.5% a year over three, against 13.2% and 17.6% for FNOV. FT Vest Laddered Buffer ETF (BUFR) spreads money across monthly buffer funds for 0.95%.
How has FNOV performed?
As of December 31, 2024, the prospectus reported an average annual return of 12.75% over one year, 8.87% over five years and 9.18% since the fund launched in November 2019. Based on price, it returned 13.2% over one year and 9.6% a year over five years as of October 27, 2026. Its strongest calendar year was 2023, at 19.65%. Its weakest was 2022, at -9.13%, a year when the buffer cushioned part of the market's fall.