At a glance
XNOV charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $57.4M in assets, the 8th largest of that group. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
FT Vest U.S. Equity Enhance & Moderate Buffer ETF – November (XNOV) is a First Trust buffer ETF. Instead of stocks, it holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each roughly one-year outcome period, it aims to return about twice SPY's price gain up to a cap, while absorbing the first 15% of SPY's losses. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds.
Price history
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XNOV +10.2% 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 | |
|---|---|---|---|---|---|---|
| XNOV official prospectus, to Dec 31, 2024 | — | +8.49% | — | — | — | +10.04% |
| XNOV price data to Oct 27, 2026 | +7.4% | +10.2% | — | — | — | +10.0% |
- Over the year to Oct 27, 2026, XNOV returned +10.2%, 7th of 8 among similar funds.
- Its worst full calendar year was 2024 (+8.3%); its best was 2025 (+11.3%).
- The deepest fall in its price history was 10% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.4% | — |
| 2025 | +11.3% | — |
| 2024 | +8.3% | +8.49% |
| 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 $33.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.30%, +0.66%, +0.98%.
How it works
XNOV puts substantially all of its assets into FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. All of them reference SPY, a fund that holds the stocks in the S&P 500. Vest Financial is the sub-advisor. As of August 31, 2026, 18 option positions made up 99.58% of assets, with 0.49% in cash. No stocks are picked or weighted. The mix of options sets the outcome. The fund tracks only SPY's price, so holders don't receive SPY's dividends.
For the outcome period from November 24, 2025 to November 20, 2026, the fund seeks about twice any rise in SPY's price, up to a cap of 11.06% before fees (10.21% after fees). If SPY falls, the fund seeks to absorb the first 15% of the loss (14.15% after fees). Losses past that point pass through one-for-one: if SPY drops 20%, the fund loses about 5%. At the end of each period, the fund buys a new set of options. The buffer stays at 15%, but the cap is reset based on market conditions at the time.
These targets apply only to shares held for the full period. Buying after the period starts or selling before it ends can produce very different results. During the period, the fund's price will not rise at twice SPY's daily pace. About a week before each reset, the fund's website posts an expected cap range for the next period.
What it really costs
- XNOV 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 away most stock-market upside past a cap in return for a buffer against the first 15% of S&P 500 price losses over each outcome period.
XNOV launched on November 17, 2023, so it has no record through the 2008, 2020 or 2022 sell-offs. Based on its share price, it returned 8.26% in 2024 and 11.32% in 2025. Its deepest drop was 10%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. That drop shows the buffer is measured at the end of the period. Someone who had to sell partway through could have taken a real loss. The fund recorded no distributions, so drawing cash from it means selling shares. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who accept a capped return, 11.06% before fees for the period ending November 20, 2026, in exchange for a buffer against SPY's first 15% of losses.
- People who can buy near the November reset and hold for the full year, which is the only way the twice-upside and buffer targets apply.
- Those wanting S&P 500-linked exposure with smaller swings: one-year volatility of 4.3% and a beta of 0.29 as of October 27, 2026.
Look elsewhere if
- Income seekers: XNOV has recorded no distributions, and its options track only SPY's price, so holders don't receive SPY's dividends.
- Investors wanting full gains in strong markets: the cap limits upside, and XNOV's one-year return ranked 7th of 8 similar buffer funds as of October 27, 2026.
- Those wanting protection against deep crashes or a larger fund: losses past 15% pass through fully, and net assets were $57.4 million as of August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XNOV this fund | 0.85% | $57.4M | +10.2% | — |
| 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
Does XNOV pay dividends?
No. XNOV has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its prospectus says its returns don't include the dividends SPY pays. Retirees who need cash from this fund would have to sell shares. That makes it a poor fit as an income holding, even though it is linked to the S&P 500.
How does the XNOV buffer work?
The buffer covers the first 15% of SPY's price loss over a roughly one-year outcome period, before fees (14.15% after fees). If SPY falls 10% over the full period, the fund aims to roughly break even before fees. If SPY falls 20%, the fund loses about 5%, because losses past 15% pass through one-for-one. The buffer stays at 15% each period, but the prospectus says there is no guarantee it will work.
What happens if I buy XNOV in the middle of the outcome period?
Results may be very different from the stated cap and buffer. Those targets apply only to shares bought on the first day of a period and held to the last. The period that started November 24, 2025 ends November 20, 2026. Someone buying partway through may have less buffer or less room before the cap than advertised. Selling early also gives up the targets. XNOV fell 10% between February 19 and April 8, 2025, which shows mid-period losses can happen.
What's the difference between XNOV and FDEC?
Both are FT Vest buffer ETFs on U.S. stocks, and both charge 0.85%. XNOV resets in November and adds an "Enhance" feature: it seeks about twice SPY's gains, up to a cap. FDEC resets in December, and its name has no Enhance feature, so its own prospectus gives its cap and buffer terms. FDEC is also much larger, with $1.3 billion in net assets versus XNOV's $57.4 million as of August 31, 2026. FDEC returned 12.9% over one year, against XNOV's 10.2%, as of October 27, 2026.
Is XNOV expensive compared with other buffer ETFs?
No. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds and ranks 3rd lowest of 8. Innovator's PJAN and PDEC charge 0.79%. First Trust's laddered BUFR and BUFD charge 0.95%. Fees reduce what holders actually receive: after fees, the cap falls from 11.06% to 10.21% and the buffer from 15% to 14.15%. Trading costs and taxes can reduce both further.