At a glance
QMNV charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $46.0M in assets, the 8th largest of that group. Over the past year it returned +15.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
FT Vest Nasdaq-100 Moderate Buffer ETF – November (QMNV) is a First Trust fund. It uses FLEX options on the Invesco QQQ Trust to track Nasdaq-100 price moves within a set range over a roughly one-year period. From November 24, 2025 through November 20, 2026, it sought to absorb the first 15% of losses and capped gains at 16.35%, both before fees. Its 0.90% expense ratio is above the 0.86% average of similar buffer funds.
Price history
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QMNV +15.0% 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 | |
|---|---|---|---|---|---|---|
| QMNV price data to Oct 27, 2026 | +11.0% | +15.0% | — | — | — | +14.5% |
- Over the year to Oct 27, 2026, QMNV returned +15.0%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+15.7%); its best was 2025 (+15.7%).
- The deepest fall in its price history was 12.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.0% |
| 2025 | +15.7% |
| 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 $18.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.08%, -0.60%, +2.44%.
How it works
QMNV does not own stocks. Almost all its money goes into FLEX options. These are exchange-traded option contracts with custom strike prices and expiration dates, and they reference the Invesco QQQ Trust, Series 1. QQQ is itself a unit investment trust sponsored by Invesco. It holds all the stocks in the Nasdaq-100 Index: 100 of the largest non-financial companies listed on Nasdaq. As of August 31, 2026, QMNV held 11 option positions on QQQ, making up 99.58% of assets, plus 0.51% in cash. Vest Financial manages the options as sub-advisor.
The options aim for a set result over about one year. From November 24, 2025 through November 20, 2026, the fund sought to match QQQ's price return up to a 16.35% cap and absorb the first 15% of losses. After fees, the cap is 15.45% and the buffer is 14.10%. If QQQ falls more than 15%, the fund takes the extra losses one for one. Returns leave out QQQ's dividends.
When each period ends, the fund buys new options. The 15% buffer stays the same, but the cap resets to match market conditions. The fund's website posts an expected cap range about a week before the reset. These levels apply in full only to shares bought on the first day and held to the end. Buying partway through can leave very different upside and protection.
What it really costs
- QMNV charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 offers Nasdaq-100 stock exposure with a 15% loss buffer and capped gains, aiming for a smoother ride than holding QQQ directly.
QMNV launched November 15, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 12.8%, from February 19 to April 8, 2025. It recovered by June 3, 2025, in about 1.8 months. Its only full calendar year, 2025, returned 15.74%. Over the year to October 27, 2026, volatility was 7.3% and beta was 0.5, so it moved about half as much as the market. That cushion can help someone who has to sell in a bad year. But the protection is full only over a whole outcome period, and it runs out after a 15% loss.
The fund makes no distributions, so it is not a source of income, and it gives up QQQ's dividends. Its 0.90% expense ratio is above the 0.86% peer average. 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 Nasdaq-100 exposure through QQQ and will accept a capped upside (16.35% before fees) in exchange for a 15% loss buffer.
- Holders who can buy near the start of a November outcome period and keep their shares the full year, when the cap and buffer work as designed.
- People who want smaller swings than the Nasdaq-100: one-year volatility was 7.3% and beta 0.5 as of October 27, 2026.
Look elsewhere if
- Retirees who need income: QMNV has made no distributions, and its returns leave out the dividends paid by QQQ's Nasdaq-100 stocks.
- Cost-focused investors: the 0.90% expense ratio is higher than Innovator's PJAN and PDEC at 0.79% and the 0.86% peer average.
- Those who want a larger fund: $46.0 million in net assets as of August 31, 2026, the smallest of eight peers, with $18.9 million in three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QMNV this fund | 0.9% | $46.0M | +15.0% | — |
| 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
What happens to QMNV when the outcome period ends in November 2026?
The fund doesn't close. The outcome period that began November 24, 2025 ends November 20, 2026. The fund then buys a new set of FLEX options for the next one-year period. The 15% buffer stays the same, but the cap resets to reflect market conditions and may be higher or lower than 16.35%. The fund's website is set to post an expected cap range about a week before the period ends, though the final cap may fall outside it.
Does QMNV pay dividends?
No. QMNV has no recorded distributions. The fund holds options on the Invesco QQQ Trust, not the stocks themselves, and its returns follow QQQ's price only. So they don't include the dividends paid by the Nasdaq-100 companies inside QQQ. Losing those dividends is part of what the buffer costs, along with the cap on gains. Investors who want cash payouts would need other holdings to provide them.
What's the difference between QMNV and BUFR?
Both are First Trust buffer ETFs with the FT Vest name, but they follow different strategies. QMNV uses options on QQQ with a single November outcome period. BUFR, as its name says, is laddered, which generally means spreading money across several buffer series with different start dates. BUFR charges 0.95% versus QMNV's 0.90%. As of August 31, 2026, BUFR held $10.5 billion and QMNV $46.0 million. Over the year to October 27, 2026, QMNV returned 15% and BUFR 11.6%.
Is QMNV safe if the Nasdaq crashes?
Only partly. For shares held through a full outcome period, the fund seeks to absorb the first 15% of QQQ's price loss before fees, or 14.10% after fees. Losses beyond that pass through one for one: if QQQ drops 20%, the fund loses about 5% before fees. The buffer isn't guaranteed, buying partway through a period changes the protection, and the prospectus warns that a shareholder could lose their entire investment. Its deepest drop so far was 12.8%, in early 2025.
How has QMNV performed since it launched?
QMNV returned 15% over the year to October 27, 2026. That was the highest one-year return among the eight buffer funds compared. It returned 10.97% in 2026 through that date and 15.74% in 2025, its first full calendar year. Still, the fund launched November 15, 2024, so it has less than two years of history and hasn't been through a major bear market. Its 2025 gain also shows how the cap limits upside in strong years.