Data as of .
NOVM vs XNOV: which one stands where?
As of Sep 21, 2026 XNOV can fall 9.2% before its buffer engages and NOVM 5.9%.
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 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, 60 days from now; XNOV runs to Nov 20, 2026, 60 days. NOVM can still gain 0.7% before its cap, XNOV 0.9%. A fall from here reaches NOVM’s buffer after 5.9% and XNOV’s after 9.2%. 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 | ||
|---|---|---|---|---|
| NOVM | XNOV | NOVM | XNOV | |
| 3 months | +1.5% | +2.2% | −0.8 pts | 0.0 pts |
| 6 months | +4.7% | +8.5% | −13.3 pts | −9.5 pts |
| 1 year | +6.6% | +10.6% | −10.0 pts | −6.0 pts |
| 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 | 60 | 60 |
| Starting cap | +7.0% | +11.1% |
| Can still gain | 0.7% | 0.9% |
| Fall before buffer | 5.9% | 9.2% |
| Protection left, index points | 58.0% of 58.0% | 15.0% of 15.0% |
| Index return this period | +17.4% | +17.4% |
| Fund return this period | +5.4% | +9.2% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $28m | $58m |
NOVM in plain words
SPY had already risen past this fund's cap of +7.0% 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 0.7% as the period runs out. The fund's price can fall 5.9% 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: 58.0% of the 58.0% 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.
XNOV in plain words
SPY had already risen past this fund's cap of +11.1% 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 0.9% as the period runs out. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's figure. 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 Sep 21, 2026, NOVM can gain about 0.7% before its cap and XNOV about 0.9%, 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 charges 0.85% a year and XNOV charges 0.85%, so NOVM 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, NOVM against XNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/novm-vs-xnov Free to use with attribution; the underlying files are at Open data.