Which has more room to gain, NOVM or XNOV?

From their prices on Nov 4, 2026, NOVM can gain about 0.1% before its cap and XNOV about 0.2%, so XNOV has more room left this period.

Which resets first, NOVM or XNOV?

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

Which is cheaper, NOVM or XNOV?

NOVM and XNOV 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

NOVM vs XNOV: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 XNOV can fall 9.9% before its buffer engages and NOVM 6.5%.

askIQ about this page

askIQ about NOVM and XNOV

Net assets on Nov 3, 2026: $28m for FT Vest U.S. Equity Max Buffer ETF - November and $25m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.

NOVM on its own →XNOV on its own →

At a glance

6.5%

NOVM can fall this far before its buffer

9.9%

XNOV can fall this far before its buffer

0.1%

NOVM can still gain

0.2%

XNOV can still gain

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.

XNOV At its cap

XNOV: reference +16.3% since period start, fund +10.0%; buffer 0 to −15; cap +11.1%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 3.8 points; NOVM is 1.1 times larger.

Points (pts) are percentage points.

NOVM vs XNOV: Cap, Buffer & Days Left
Measure	NOVM	XNOV
Return
Measure	NOVM	XNOV
Total return, 1 year	+6.5%	+10.3%
Drawdown
Measure	NOVM	XNOV
Index fall to the buffer	14.0%
Benchmark
Measure	NOVM	XNOV
What it tracks	SPY	SPY
Cost and size
Measure	NOVM	XNOV
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$28m	$25m
Holdings
Measure	NOVM	XNOV
Holdings in common	not published

Method

Window by window

Window by window: NOVM vs XNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	NOVM	XNOV	NOVM	XNOV
3 months	+1.3%	+1.7%	+1.7 pts	+2.1 pts
6 months	+2.9%	+4.2%	−1.6 pts	−0.3 pts
1 year	+6.5%	+10.3%	−7.1 pts	−3.3 pts
Since launchNot the same days: NOVM Nov 2024 · XNOV Nov 2023	+13.1%	+32.5%	−17.3 pts	−36.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 XNOV FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November · Absorbs the first 15% of loss on SPY and caps the gain at 11.1%, over a period ending Nov 20, 2026

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 58% 15%

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

Days left 16 16

Starting cap +7.0% +11.1%

Can still gain 0.1% 0.2%

Fall before buffer 6.5% 9.9%

Protection left, index points 58.0% of 58.0% 15.0% of 15.0%

Index return this period +16.3% +16.3%

Fund return this period +6.0% +10.0%

State today At cap At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $28m $25m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XNOV is a floor fund, which caps how far a holder can fall. NOVM 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

NOVM resets first, on Nov 20, 2026, 16 days from now; XNOV runs to Nov 20, 2026, 16 days. NOVM can still gain 0.1% before its cap, XNOV 0.2%. A fall from here reaches NOVM’s buffer after 6.5% and XNOV’s after 9.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. In index terms, SPY can fall 14.0% from today's level to the point where the buffer begins. Protection left, in index points: 58.0% of the 58.0% 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.

XNOV

SPY had already risen past this fund's cap of +11.1% 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 0.2% as the period runs out. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, NOVM or XNOV?: From their prices on Nov 4, 2026, NOVM can gain about 0.1% before its cap and XNOV about 0.2%, so XNOV has more room left this period.
Which resets first, NOVM or XNOV?: NOVM ends its outcome period on Nov 20, 2026 and XNOV on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, NOVM or XNOV?: NOVM and XNOV both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

NOVM vs CPSD NOVM vs SQBA NOVM vs UDEC NOVM vs DLNV XNOV vs CPSN XNOV vs DECT XNOV vs DECP XNOV vs DDTD

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 →NOVM on its own →XNOV on its own →Method →Standards and sources →

Sources and dates

NOVM and XNOV filings on SEC EDGAR ↗

First Trust page for NOVM ↗

First Trust page for XNOV ↗

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.

Cite this pageCitation, APA and Markdown

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

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.