At a glance
GNOV charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $296.4M in assets, the 8th largest of that group.
The short version
FT Vest U.S. Equity Moderate Buffer ETF – November (GNOV) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Its goal is to absorb the first 15% of SPY's price losses over a yearly outcome period, in exchange for a cap on gains. For the period ending November 20, 2026, the cap was 13.25% before fees. The fund pays no dividends. Its 0.85% expense ratio is close to the 0.86% average of similar buffer funds.
Price history
The interactive chart needs JavaScript.
GNOV — 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 | |
|---|---|---|---|---|---|---|
| GNOV official prospectus, to Dec 31, 2024 | — | +10.55% | — | — | — | +12.54% |
| GNOV price data to Oct 27, 2026 | +4.3% | — | — | — | — | — |
- The deepest fall in its price history was 1% (Jun 15, 2026 to Jun 26, 2026), recovered by Jun 30, 2026.
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
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 $14.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.69%, +1.33%.
How it works
GNOV owns no stocks. Substantially all of its assets go into FLEX Options. These are exchange-listed option contracts whose strike prices and expiration dates can be customized. All of them are tied to the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. First Trust Advisors runs the fund, and Vest Financial is the sub-advisor. As of August 31, 2026, 10 SPY option positions made up about 99.6% of assets. One call option alone was about 82%.
The options work together to aim for a set outcome over about one year. For November 24, 2025 through November 20, 2026, the fund sought to match SPY's price gain up to 13.25% and absorb the first 15% of any SPY decline. Losses beyond 15% pass through one-for-one, so a 20% SPY drop means about a 5% fund loss before fees. After fees, the cap is 12.41% and the buffer is 14.15%. SPY's dividends are not included.
When a period ends, the fund buys a new set of options. The 15% buffer stays the same, but the cap resets based on market conditions. The fund's website posts an expected cap range about a week before each reset. Investors who buy after the start date or sell before the end may get very different results, because the cap and buffer are fixed against prices on the first day.
What it really costs
- GNOV 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
Its options cushion the first 15% of S&P 500 price losses each outcome period, giving up gains above a cap and all dividends in return.
GNOV may appeal to investors who want S&P 500 exposure with a cushion against moderate drops, but its record is short. It launched on November 17, 2023, so it did not exist during the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2024, returned 10.55%, and its worst quarter on record was still a 1.48% gain. In price data starting June 9, 2026, its deepest drop was about 1%, recovered within days. The buffer works fully only for shares bought at the start of an outcome period and held to the end. Someone forced to sell mid-period in a falling market could get much less protection, and losses beyond 15% pass straight through. The fund pays no income, and its 0.85% fee is in line with peers. Past results don't predict the future, 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 15% buffer and accept a cap on gains, which was 13.25% for the period ending November 20, 2026.
- Buyers who can buy near the late-November reset and hold the full year, the only window where the stated cap and buffer fully apply.
- Investors who prefer a narrower range of yearly outcomes to dividends, and who accept a 0.85% fee close to the 0.86% peer average.
Look elsewhere if
- Income seekers: GNOV recorded no distributions, and its returns leave out the dividends paid by the S&P 500 stocks SPY holds.
- Investors who want the market's full upside: in a strong year, gains above the cap (12.41% after fees for the period) are given up.
- Those who want a long record: history starts November 2023, and at $296 million (August 31, 2026) it's the smallest among comparable buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GNOV this fund | 0.85% | $296.4M | — | — |
| 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 GNOV pay dividends?
No. GNOV has no recorded distributions. The fund holds options on the SPDR S&P 500 ETF Trust, not the stocks themselves, and its target outcomes are based only on SPY's price return. So the dividends paid by the companies in SPY are not passed on. Over time this gap adds up, because dividends are part of the S&P 500's total return. GNOV holders give them up in exchange for the buffer.
How does GNOV's 15% buffer work?
Before fees, the buffer absorbs the first 15% of SPY's price losses over an outcome period of about one year. After fees, it was 14.15% for the period from November 24, 2025 to November 20, 2026. Losses beyond 15% pass through one-for-one. If SPY falls 20%, the fund aims to lose about 5% before fees. The full buffer applies only to shares bought on the first day of the period and held until the last day.
What happens if you buy GNOV in the middle of the outcome period?
Your results may be very different from the stated cap and buffer, because both are set against prices on the period's first day. If SPY has risen since then, a new buyer has less room before the cap and could lose money before the buffer starts working. If SPY has fallen, part of the buffer may already be used up. About a week before each late-November reset, the fund's website posts an expected cap range for the next period.
GNOV vs BUFR: what's the difference?
Both are FT Vest buffer funds from First Trust. GNOV resets once a year in late November. BUFR is a laddered fund, a design meant to spread exposure across several start dates. GNOV costs less, 0.85% versus 0.95%. It is also far smaller: $296 million against about $10.5 billion as of August 31, 2026. BUFR returned 11.6% over the year to October 27, 2026. GNOV's price history is too short for a matching figure.
How has GNOV performed since launch?
According to its prospectus, GNOV returned 10.55% in 2024, its first full calendar year. From its November 17, 2023 launch through December 31, 2024, it averaged 12.54% a year. Its strongest quarter was 4.27% (first quarter of 2024) and its weakest was 1.48% (fourth quarter of 2024). Based on market price, it gained 4.3% year to date as of October 27, 2026. No major bear market has tested it yet.