At a glance
NOVM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $28.1M in assets, the 8th largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Max Buffer ETF – November (NOVM), from First Trust, holds customized exchange-traded options on the State Street SPDR S&P 500 ETF Trust (SPY). It seeks the largest available loss buffer while keeping an upside cap of at least 7%: for the period ending November 20, 2026, a 57.95% buffer and 7.00% cap, before its 0.85% fee. The trade-off: it trailed seven similar buffer funds over the year to October 27, 2026.
Price history
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NOVM +6.2% 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 | |
|---|---|---|---|---|---|---|
| NOVM official prospectus, to Dec 31, 2025 | — | +7.32% | — | — | — | +6.94% |
| NOVM price data to Oct 27, 2026 | +4.7% | +6.2% | — | — | — | +6.5% |
- Over the year to Oct 27, 2026, NOVM returned +6.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.6%); its best was 2025 (+7.6%).
- The deepest fall in its price history was 3.3% (Feb 19, 2025 to Apr 4, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.7% | — |
| 2025 | +7.6% | +7.32% |
| 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 added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.21%, +0.47%, +0.68%.
How it works
NOVM owns no stocks. Its sub-advisor, Vest Financial, puts substantially all assets in FLEX Options: exchange-listed option contracts with customized strike prices and expiration dates. All reference SPY, a unit investment trust holding S&P 500 stocks. As of August 31, 2026, 12 option positions made up 99.6% of assets; the largest, about 80%, was a SPY call with a very low $6.57 strike, so it moves almost in step with SPY.
About once a year, the fund sets a "target outcome." It seeks the largest buffer (how far SPY's price can fall before the fund loses money) that allows an upside cap of at least 7%. If it can buffer all losses, it aims for a higher cap; if a 7% cap would leave a buffer under 20%, it lowers the cap. For November 24, 2025, to November 20, 2026, the buffer was 57.95% and the cap 7.00%, or 57.10% and 6.15% after fees. Losses beyond the buffer hit the fund one-for-one.
Returns follow SPY's price only, missing its dividends. The cap and buffer reset each period with market conditions; the fund expects future buffers of 20% to 100% and gives a narrower range about a week ahead. The stated outcomes apply only to shares held for a full period; investors arriving mid-period may get different results.
What it really costs
- NOVM 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
With a 57.95% buffer and a 7.00% cap for the period ending November 20, 2026, NOVM is built mainly to limit stock losses, not to grow or pay income.
NOVM could add a cushioned slice of U.S. stock exposure, at the cost of capped gains. Its record is short, though: it launched November 15, 2024, so it has no history through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.32%. Its deepest drop was 3.3%, from February 19 to April 4, 2025, and it recovered by May 16, 2025, about 1.4 months later. The buffer fully applies only to shares held for a whole outcome period; someone who needs to cash out mid-period in a bad year could get less protection than the stated buffer. It has recorded no distributions and doesn't collect SPY's dividends. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict the future, and a retirement plan should weigh 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 deep downside protection: a 57.95% buffer against SPY losses for the period ending November 20, 2026.
- People willing to give up most upside (a 7.00% cap before fees) for small price swings: 2% volatility over the year to October 27, 2026.
- Holders who can enter near a reset (a new period begins November 20, 2026) and stay the full period, when the cap and buffer apply.
Look elsewhere if
- Anyone seeking income: NOVM has recorded no distributions, and its returns exclude the dividends paid by SPY's S&P 500 stocks.
- Long-term growth investors: NOVM's 6.2% one-year return to October 27, 2026, ranked last of eight buffer funds; the others returned 9.5% to 12.9%.
- Those wary of small funds: NOVM's $28.1 million in net assets (August 31, 2026) ranked smallest of eight buffer funds; trading may be thin.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NOVM this fund | 0.85% | $28.1M | +6.2% | — |
| 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
How does NOVM's buffer work?
NOVM aims to absorb the first 57.95% of SPY's price losses (57.10% after fees) over the outcome period from November 24, 2025, to November 20, 2026, while capping gains at 7.00% (6.15% after fees). It does this with FLEX options on SPY. If SPY falls more than the buffer, the fund loses the rest one-for-one. The buffer only fully applies to shares held for the entire period, and it isn't guaranteed.
Does NOVM pay dividends?
No. NOVM has recorded no distributions, and its strategy tracks only SPY's price return, so it doesn't capture the dividends paid by the S&P 500 companies inside SPY. Any return shows up in the share price instead. Investors who need cash flow would have to cash out shares, which can be awkward in the middle of an outcome period, when the fund's price may not reflect the full buffer.
What's the difference between NOVM and FDEC?
Both are FT Vest buffer ETFs from First Trust charging 0.85%, but NOVM is the 'Max Buffer' version. It seeks the largest available buffer while keeping a cap of at least 7%; for the period ending November 20, 2026, that meant a 57.95% buffer and a 7.00% cap. FDEC returned 12.9% over the year to October 27, 2026, versus 6.2% for NOVM, and had about $1.3 billion in net assets versus NOVM's $28.1 million as of August 31, 2026. Check FDEC's own cap and buffer too.
Can you lose money in NOVM?
Yes. The buffer isn't a guarantee, and the prospectus warns that a shareholder could lose their entire investment. If SPY falls more than 57.95% over the period ending November 20, 2026, NOVM takes further losses one-for-one. Before a period ends, the fund's price may not reflect the full buffer, so investors who exit or enter mid-period can get different results. Through October 27, 2026, its deepest drop was 3.3%, from February 19 to April 4, 2025, recovered by May 16, 2025.
What is NOVM's expense ratio?
NOVM's expense ratio is 0.85%, per its prospectus filed September 28, 2026, all of it management fee. That's in line with the 0.86% average of seven similar buffer funds: Innovator's PJAN and PDEC charge 0.79%, First Trust's FDEC, FJAN and FFEB charge 0.85%, and the laddered BUFR and BUFD charge 0.95%. The fee is already reflected in the after-fee cap of 6.15% and buffer of 57.10% for the period ending November 20, 2026.