# DLNV (FT Vest U.S. Equity Dual Directional Buffer ETF - November)

First Trust · Buffer ETFs · data as of Sep 21, 2026

As of Sep 21, 2026, DLNV has reached its cap.

## Key facts

- DLNV, past the cap, price drift left: 1.5%, as of Sep 21, 2026.
- DLNV, fall before the buffer: 11.0%, as of Sep 21, 2026.
- DLNV, protection left, index points: 10.0%, as of Sep 21, 2026.
- DLNV, days to reset: 60, as of Sep 21, 2026.
- DLNV, net assets: $20m (issuer page, as of Sep 18, 2026).
- DLNV, expense ratio: 0.85% (issuer page, Sep 21, 2026).

## DLNV over each window to Sep 21, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.5% | +2.3% | +0.2 pts |
| 6 months | +10.6% | +18.0% | −7.4 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 10% | ETFIQ |
| Outcome period | Nov 24, 2025 to Nov 20, 2026 | ETFIQ |
| Starting cap | +14.0% | ETFIQ |
| SPY return since period start | +17.4% | ETFIQ |
| Fund return since period start | +11.5% | ETFIQ |
| Net assets | $20m | issuer page, as of Sep 18, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 1.5% | issuer, fund price |
| Fall before buffer | 11.0% | issuer, fund price |
| Fall to the buffer in index terms | 14.8% | ETFIQ |
| Protection left in index points | 10.0% of 10.0% | ETFIQ |
| Days left in period | 60 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 21, 2026 |

## Questions

### How much can DLNV still gain?

Nothing more in index terms on Sep 21, 2026. SPY has already passed the cap of +14.0% for this period, which runs from Nov 24, 2025 to Nov 20, 2026.

### How far can DLNV fall before the buffer helps?

11.0% in fund-price terms on Sep 21, 2026, by the issuer's figure. In index terms SPY can fall 14.8% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the DLNV buffer is left?

10.0% of the 10.0% buffer sat below the SPY level on Sep 21, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does DLNV reset?

The outcome period ends on Nov 20, 2026, 60 days from the data on Sep 21, 2026. A new cap is set the next day and the buffer starts again.

### What does DLNV cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, DLNV, data as of Sep 21, 2026. https://etfiq.com/funds/dlnv
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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