Which has more room to gain, DLNV or NOVM?

From their prices on Nov 4, 2026, DLNV can gain about 0.6% before its cap and NOVM about 0.1%, so DLNV has more room left this period.

Which resets first, DLNV or NOVM?

DLNV ends its outcome period on Nov 20, 2026 and NOVM on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, DLNV or NOVM?

DLNV and NOVM both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DLNV vs NOVM: Cap, Buffer & Days Left

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As of Nov 4, 2026 DLNV can fall 11.8% before its buffer engages and NOVM 6.5%.

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Net assets on Nov 3, 2026: $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - November and $28m for FT Vest U.S. Equity Max Buffer ETF - November.

DLNV on its own →NOVM on its own →

At a glance

11.8%

DLNV can fall this far before its buffer

6.5%

NOVM can fall this far before its buffer

0.6%

DLNV can still gain

0.1%

NOVM can still gain

DLNV At its cap

DLNV: reference +16.3% since period start, fund +12.5%; buffer 0 to −10; cap +14.0%; At its cap. Data to Nov 4, 2026.

NOVM At its cap

NOVM: reference +16.3% since period start, fund +6.0%; buffer 0 to −58; cap +7.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; NOVM is 1.4 times larger.

Points (pts) are percentage points.

DLNV vs NOVM: Cap, Buffer & Days Left
Measure	DLNV	NOVM
Return
Measure	DLNV	NOVM
Total return, 1 year	not published	+6.5%
Benchmark
Measure	DLNV	NOVM
What it tracks	SPY	SPY
Cost and size
Measure	DLNV	NOVM
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$20m	$28m
Holdings
Measure	DLNV	NOVM
Holdings in common	not published

Method

Window by window

Window by window: DLNV vs NOVM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DLNV	NOVM	DLNV	NOVM
3 months	+2.0%	+1.3%	+2.4 pts	+1.7 pts
6 months	+5.1%	+2.9%	+0.6 pts	−1.6 pts
1 year	–	+6.5%	–	−7.1 pts
Since launchNot the same days: DLNV Nov 2025 · NOVM Nov 2024	+11.3%	+13.1%	−3.3 pts	−17.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 NOVM FT Vest U.S. Equity Max Buffer ETF - November · Absorbs the first 58% of loss on SPY and caps the gain at 7.0%, over a period ending Nov 20, 2026

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 58%

Outcome period Nov 24, 2025 to Nov 20, 2026 Nov 24, 2025 to Nov 20, 2026

Days left 16 16

Starting cap +14.0% +7.0%

Can still gain 0.6% 0.1%

Fall before buffer 11.8% 6.5%

Protection left, index points 10.0% of 10.0% 58.0% of 58.0%

Index return this period +16.3% +16.3%

Fund return this period +12.5% +6.0%

State today At cap At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $20m $28m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. NOVM 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 already at their cap, so neither gains from more rise in the index before the period ends.

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, 16 days from now; NOVM runs to Nov 20, 2026, 16 days. DLNV can still gain 0.6% before its cap, NOVM 0.1%. A fall from here reaches DLNV’s buffer after 11.8% and NOVM’s after 6.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

DLNV

SPY had already risen past this fund's cap of +14.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.6% as the period runs out. The fund's price can fall 11.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% 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. 16 days remained on Nov 4, 2026. On Nov 20, 2026 the period ends and a new cap is set.

NOVM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 58.0% of the 58.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DLNV or NOVM?: From their prices on Nov 4, 2026, DLNV can gain about 0.6% before its cap and NOVM about 0.1%, so DLNV has more room left this period.
Which resets first, DLNV or NOVM?: DLNV ends its outcome period on Nov 20, 2026 and NOVM on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, DLNV or NOVM?: DLNV and NOVM both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DLNV vs XNOV DLNV vs PMDE DLNV vs SQBA DLNV vs CPSN NOVM vs XNOV NOVM vs CPSN NOVM vs PBDE NOVM vs PMDE

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DLNV on its own →NOVM on its own →Method →Standards and sources →

Sources and dates

DLNV and NOVM filings on SEC EDGAR ↗

First Trust page for DLNV ↗

First Trust page for NOVM ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, DLNV against NOVM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlnv-vs-novm

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