DLNVFT Vest U.S. Equity Dual Directional Buffer ETF November
Seeks to provide returns that match SPY's positive price return up to a cap or the absolute value of its negative return up to a threshold.
By First Trust · Launched 2025
0.85%
#4,336 of 5,562 · expensive
$20M
#4,363 of 5,562 · small
—
7 months
#5,012 of 5,562 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 10 holdings = 107.6% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsWorst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Where to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide returns that match SPY's positive price return up to a cap or the absolute value of its negative return up to a threshold.
- Strategy
- Invests primarily in FLEX Options referencing SPY to achieve dual directional returns. Aims for a 10% buffer against losses exceeding a specified threshold over a one-year period.
- Inception date
- November 21, 2025
- Fund family
- First Trust
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-06-19