# NOVM (FT Vest U.S. Equity Max Buffer ETF - November)

First Trust · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, NOVM has reached its cap.

## Key facts

- NOVM, past the cap, price drift left: 1.0%, as of Sep 11, 2026.
- NOVM, fall before the buffer: 5.7%, as of Sep 11, 2026.
- NOVM, protection left, index points: 58.0%, as of Sep 11, 2026.
- NOVM, days to reset: 70, as of Sep 11, 2026.
- NOVM, net assets: $28m (issuer page, as of Sep 11, 2026).
- NOVM, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## NOVM over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.6% | +3.3% | −1.7 pts |
| 6 months | +4.1% | +16.0% | −11.9 pts |
| 1 year | +6.6% | +17.5% | −10.9 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 58% | ETFIQ |
| Outcome period | Nov 24, 2025 to Nov 20, 2026 | ETFIQ |
| Starting cap | +7.0% | ETFIQ |
| SPY return since period start | +16.0% | ETFIQ |
| Fund return since period start | +5.1% | ETFIQ |
| Net assets | $28m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 1.0% | issuer, fund price |
| Fall before buffer | 5.7% | issuer, fund price |
| Fall to the buffer in index terms | 13.8% | ETFIQ |
| Protection left in index points | 58.0% of 58.0% | ETFIQ |
| Days left in period | 70 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can NOVM still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +7.0% for this period, which runs from Nov 24, 2025 to Nov 20, 2026.

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

5.7% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 13.8% from that level before the buffer begins. Losses until that point are the holder's.

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

58.0% of the 58.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does NOVM reset?

The outcome period ends on Nov 20, 2026, 70 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does NOVM cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, NOVM, data as of Sep 11, 2026. https://etfiq.com/funds/novm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/novm  ·  JSON: https://etfiq.com/funds/novm.json