Data as of .
DLNV vs DNOV: which one stands where?
As of Sep 21, 2026 DNOV can fall 14.8% before its buffer engages and DLNV 11.0%.
These are two different products. DNOV is a floor fund, which caps how far a holder can fall. DLNV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
DLNV resets first, on Nov 20, 2026, 60 days from now; DNOV runs to Nov 20, 2026, 60 days. DLNV can still gain 1.5% before its cap, DNOV 1.4%. A fall from here reaches DLNV’s buffer after 11.0% and DNOV’s after 14.8%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DLNV | DNOV | DLNV | DNOV | |
| 3 months | +2.5% | +2.5% | +0.2 pts | +0.2 pts |
| 6 months | +10.6% | +9.8% | −7.4 pts | −8.3 pts |
| 1 year | not published | +12.6% | not published | −3.9 pts |
| 3 years | not published | +43.4% | not published | −35.0 pts |
| DLNV FT Vest U.S. Equity Dual Directional Buffer ETF - November Absorbs the first 10% of loss on SPY and caps the gain at 14.0%, over a period ending Nov 20, 2026 | DNOV FT Vest U.S. Equity Deep Buffer ETF - November Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.9%, over a period ending Nov 20, 2026 | |
|---|---|---|
| Issuer | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 10% | 5% to 30% |
| Outcome period | Nov 24, 2025 to Nov 20, 2026 | Nov 24, 2025 to Nov 20, 2026 |
| Days left | 60 | 60 |
| Starting cap | +14.0% | +12.9% |
| Can still gain | 1.5% | 1.4% |
| Fall before buffer | 11.0% | 14.8% |
| Protection left, index points | 10.0% of 10.0% | 25.0% of 25.0% |
| Index return this period | +17.4% | +17.4% |
| Fund return this period | +11.5% | +10.5% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $20m | $405m |
DLNV in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.5% as the period runs out. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 60 days remained on Sep 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.
DNOV in plain words
SPY had already risen past this fund's cap of +12.9% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 14.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 19.1% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, DLNV or DNOV?
- From their prices on Sep 21, 2026, DLNV can gain about 1.5% before its cap and DNOV about 1.4%, so DLNV has more room left this period.
- Which resets first, DLNV or DNOV?
- DLNV ends its outcome period on Nov 20, 2026 and DNOV on Nov 20, 2026. A new cap is set the day after each.
- Which is cheaper, DLNV or DNOV?
- DLNV charges 0.85% a year and DNOV charges 0.85%, so DLNV is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DLNV against DNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/dlnv-vs-dnov Free to use with attribution; the underlying files are at Open data.