XNOVFT Vest U.S. Equity Enhance & Moderate Buffer ETF - November

Grow my money Get income2y track recordRanked #1,345 of 1,650 in this goal

Seeks to provide returns of approximately twice any positive price return of the SPDR S&P 500 ETF Trust, up to a cap of 11.06%, while providing a buffer against the first 15% of losses.

By First Trust · Launched 2023

Annual Cost

0.85%

#4,514 of 5,861 · expensive

Fund Size

$52M

#3,610 of 5,861 · mid-size

Return (1Y)Goal

+11.0%

Track Record

2 years

#3,216 of 5,861 · seasoned

Performance

Total-return NAV · USD

Growth of $10,000

$11,109+11.1%

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 = 114.6% of fundconcentrated

CBOE GLOBAL MARKETS, INC.SPY 11 C6.6

91.2%

CBOE GLOBAL MARKETS, INC.SPY 11 C659.04

9.3%

CBOE GLOBAL MARKETS, INC.SPY 11 C6.6

4.1%

CBOE GLOBAL MARKETS, INC.SPY 11 C6.6

4.1%

CBOE GLOBAL MARKETS, INC.SPY 11 P659.04

4.1%

Dreyfus Government Cash Management Funds

1.0%

CBOE GLOBAL MARKETS, INC.SPY 11 C659.04

0.4%

CBOE GLOBAL MARKETS, INC.SPY 11 C659.04

0.4%

CBOE GLOBAL MARKETS, INC.SPY 11 P560.19

-0.1%

CBOE GLOBAL MARKETS, INC.SPY 11 P560.19

-0.1%

Asset allocation

Stocks

99.2%

Cash

0.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years

Volatility (1Y)

4.3%Low

Year-on-year price swings

Max drawdown

-10.0%Mild

Worst peak-to-trough loss

Sharpe (3Y)

Unavailable

Needs 3+ years of history

Sortino (3Y)

Not yet

Needs 3+ years of history

Listing

Exchange: Cboe BZX

Full fund details

Objective: Seeks to provide returns of approximately twice any positive price return of the SPDR S&P 500 ETF Trust, up to a cap of 11.06%, while providing a buffer against the first 15% of losses.
Strategy: Invests substantially all assets in FLEX Options referencing the SPDR S&P 500 ETF Trust to achieve a target outcome strategy. Seeks to provide a buffer against the first 15% of losses and enhanced returns of approximately twice any positive price return, capped at 11.06%.
Inception date: November 17, 2023
Fund family: First Trust

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Same asset class, closest by strategy & exposure

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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