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Beacon

FNOVFT Vest U.S. Equity Buffer ETF - November

Stay safeGrow my money6y track recordRanked #72 of 364 in this goal

Seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust, with a 10% buffer against losses.

By First Trust · Launched 2019

Annual Cost

0.85%

#4,514 of 5,861 · expensive

Fund Size

$1.2B

#1,035 of 5,861 · large

Dividend YieldGoal

0.00%

Track Record

6 years

#1,965 of 5,861 · established

Performance

Total-return NAV · USD
Growth of $10,000
$11,557+15.6%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 10 holdings = 103.8% of fundconcentrated

CBOE GLOBAL MARKETS, INC.SPY 11 C6.59
84.4%
CBOE GLOBAL MARKETS, INC.SPY 11 C6.59
7.9%
CBOE GLOBAL MARKETS, INC.SPY 11 C6.59
3.6%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.03
3.5%
CBOE GLOBAL MARKETS, INC.SPY 11 C6.59
1.5%
CBOE GLOBAL MARKETS, INC.SPY 11 C6.59
1.4%
Dreyfus Government Cash Management Funds
0.9%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.03
0.3%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.03
0.1%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.03
0.1%

Asset allocation

Stocks
99.2%
Cash
0.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
7.7%Low

Year-on-year price swings

Max drawdown
-24.4%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
0.91Decent risk-adjusted returns
Sortino (3Y)
1.34Good downside protection

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust, with a 10% buffer against losses.
Strategy
Invests in FLEX Options to provide a buffer against the first 10% of Underlying ETF losses while matching returns up to a cap of 16.62%. Employs a target outcome strategy over the period from November 24, 2025 to November 20, 2026.
Inception date
November 15, 2019
Fund family
First Trust

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

You can build this cheaper yourself

Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.

Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)

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 2026-08-04