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
As of Sep 18, 2026, XNOV has reached its cap.
Key facts
100th of 427 buffer ETFs by how soon they reset
Period by period
| Window | Total return | SPY | Gap to SPY |
|---|---|---|---|
| 3 months | +2.2% | +2.3% | 0.0 pts |
| 6 months | +8.5% | +18.0% | −9.5 pts |
| 1 year | +10.6% | +16.6% | −6.0 pts |
In plain words
The fund's own price can still drift up to about 1.1% as the period runs out. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.5% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 63 days remained on Sep 18, 2026. On Nov 20, 2026 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | 15% |
| Outcome period | Nov 24, 2025 to Nov 20, 2026 |
| Starting cap | +11.1% |
| SPY return since period start | +15.6% |
| Fund return since period start | +9.1% |
| Net assets (issuer page, as of Sep 18, 2026) | $58m |
| Band state today (ETFIQ) | At cap |
| Can still gain (issuer, fund price) | 1.1% |
| Fall before buffer (issuer, fund price) | 9.1% |
| Fall to the buffer in index terms (ETFIQ) | 13.5% |
| Protection left in index points (ETFIQ) | 15.0% of 15.0% |
| Days left in period | 63 |
| Expense ratio (issuer page, Sep 18, 2026) | 0.85% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How much can XNOV still gain?
- Nothing more in index terms on Sep 18, 2026. SPY has already passed the cap of +11.1% for this period, which runs from Nov 24, 2025 to Nov 20, 2026.
- How far can XNOV fall before the buffer helps?
- 9.1% in fund-price terms on Sep 18, 2026, by the issuer's figure. In index terms SPY can fall 13.5% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the XNOV buffer is left?
- 15.0% of the 15.0% buffer sat below the SPY level on Sep 18, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does XNOV reset?
- The outcome period ends on Nov 20, 2026, 63 days from the data on Sep 18, 2026. A new cap is set the next day and the buffer starts again.
- What does XNOV cost?
- The prospectus expense ratio is 0.85% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
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.
Compare XNOV
Also against DECT, DECU, DECW, DLNV, DNOV, FHDG, FNOV, GNOV, NOVM, PBDE, PDEC, PMDE, SIXD, SQBA, UDEC, ZDEK, SPYM, VOO.
Funds near this one
Where XNOV is written about
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Cite this page. ETFIQ, XNOV, buffer ETFs, data as of Sep 18, 2026. https://etfiq.com/funds/xnov Free to use with attribution; the underlying files are at Open data.