At a glance
SNOV charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $114.1M in assets, the 8th largest of that group.
The short version
FT Vest U.S. Small Cap Moderate Buffer ETF – November (SNOV) is a First Trust buffer ETF. Instead of owning stocks, it holds FLEX options on the iShares Russell 2000 ETF. Over each one-year period that starts in November, it aims to absorb the first 15% of losses. In exchange, gains are capped: 18.42% before fees for the period ending November 20, 2026. It pays no dividends and charges 0.90% a year.
Price history
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SNOV — 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 | |
|---|---|---|---|---|---|---|
| SNOV official prospectus, to Dec 31, 2024 | — | +9.07% | — | — | — | +13.83% |
| SNOV price data to Oct 27, 2026 | +4.1% | — | — | — | — | — |
- The deepest fall in its price history was 2% (Sep 4, 2026 to Oct 14, 2026), recovered by Oct 27, 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 $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.53%, +0.29%, +0.95%.
How it works
SNOV does not own small-company stocks directly. Almost all of its assets are in FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. The options reference the iShares Russell 2000 ETF (IWM), a BlackRock fund that tracks the Russell 2000 Index of about 1,945 small U.S. companies. As of August 31, 2026, options made up 99.64% of assets and cash made up 0.43%. Vest Financial is the sub-advisor.
The options are combined to aim for a set result over about one year. From November 24, 2025 through November 20, 2026, the fund seeks IWM's price return up to a cap of 18.42%, with a buffer against the first 15% of losses, before fees. After fees, the cap is 17.52% and the buffer is 14.10%. If IWM falls more than 15%, the fund takes further losses one-for-one. A 20% drop means roughly a 5% loss.
When a period ends, the fund buys a new set of options. The buffer stays at 15%, but the cap is reset based on market conditions. The stated results apply only to shares bought on the first day of a period and held to the last. Returns follow IWM's price only, so they leave out its dividends.
What it really costs
- SNOV 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
- 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 small-cap stock exposure with a 15% loss buffer over each one-year period, in exchange for a cap on gains and no income.
SNOV could act as a cushioned way to hold small-company stocks, which tend to swing more than large ones. Its record is short. It launched November 17, 2023, so it has no history through the 2008, 2020 or 2022 downturns. In its only full calendar year, 2024, it returned 9.07%, and even its weakest quarter that year gained 0.78%. In price data available from June 2026, its deepest drop was about 2%, from September 4 to October 14, 2026. It recovered by October 27. The buffer only covers the first 15% of losses over a full period, so someone forced to sell partway through a bad year may get less protection. The fund pays no income. At 0.90%, it costs more than the 0.86% average of similar 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 Russell 2000 small-cap exposure with a 15% loss buffer and accept capped gains (18.42% before fees through November 20, 2026).
- Buyers who can buy near the November reset and hold for the full one-year period, which is when the buffer and cap work as designed.
- Investors comparing a small-cap buffer with First Trust's broader U.S. equity buffer ETFs, such as FDEC or the laddered BUFR.
Look elsewhere if
- Retirees who need regular income: SNOV has paid no distributions, and its returns leave out the iShares Russell 2000 ETF's dividends.
- Cost-conscious investors: the 0.90% expense ratio ranks 6th of 8 among similar buffer funds, above PJAN and PDEC at 0.79%.
- Anyone wanting full upside or protection against deep crashes: gains above the cap are given up, and losses beyond 15% pass straight through.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SNOV this fund | 0.9% | $114.1M | — | — |
| 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 SNOV pay dividends?
No. SNOV has recorded no distributions. It holds options rather than stocks, and its returns track only the price of the iShares Russell 2000 ETF. The prospectus states that the fund's performance will not reflect dividends paid by that ETF. Holders give up that dividend income in exchange for the buffer. That trade-off matters for anyone counting on a portfolio for cash flow.
How does the SNOV buffer work?
Over each one-year outcome period, SNOV aims to absorb the first 15% of any drop in the iShares Russell 2000 ETF's price, before fees. If that ETF falls more than 15%, the fund takes further losses one-for-one. A 20% decline would mean roughly a 5% loss. Gains are capped. For November 24, 2025 through November 20, 2026, the cap was 18.42% before fees, or 17.52% after fees. The buffer after fees was 14.10%.
What happens if I buy SNOV in the middle of the outcome period?
Your results may be very different from the stated buffer and cap. Those apply only to shares bought on the first day of a period and held to the end. If you buy after the Russell 2000 ETF has already risen, less upside may be left before the cap. If it has already fallen, part of the buffer may be used up. First Trust's website posts the anticipated cap range about one week before each reset.
What's the difference between SNOV and FDEC?
Both are First Trust buffer ETFs managed by Vest, but SNOV is the small-cap version. Its options reference the iShares Russell 2000 ETF and reset each November. FDEC's name points to broad U.S. equities, and it resets in December. FDEC costs a little less, at 0.85% versus 0.90%. It is also much larger, with about $1.31 billion in net assets compared with SNOV's $114 million, both as of August 31, 2026. FDEC returned 12.9% over one year as of October 27, 2026.
Is SNOV good for retirement portfolios?
It depends on the role it plays. SNOV may suit retirement savers who want small-cap stock exposure with a 15% buffer against losses over each one-year period, and who accept capped gains. Its drawbacks: it pays no income, it costs 0.90% a year, and it has a short record. In 2024, its only full calendar year, it returned 9.07%. It has no history through a major bear market.