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

Grow my moneyGet income2y track recordRanked #1,441 of 1,622 in this goal

Seeks to provide returns of approximately 2x any positive price return of SPY, up to an 11.06% cap, with a 15% loss buffer.

By First Trust · Launched 2023

Annual Cost

0.85%

#4,336 of 5,562 · expensive

Fund Size

$23M

#4,282 of 5,562 · small

Return (1Y)Goal

+12.4%

Track Record

2 years

#3,297 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,282+12.8%

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

Classification

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 = 116.2% of fundconcentrated

CBOE GLOBAL MARKETS, INC.SPY 11 C6.6
96.4%
CBOE GLOBAL MARKETS, INC.SPY 11 C659.04
10.9%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.04
4.5%
CBOE GLOBAL MARKETS, INC.SPY 11 C6.6
3.8%
Dreyfus Government Cash Management
1.3%
CBOE GLOBAL MARKETS, INC.SPY 11 C659.04
0.4%
CBOE GLOBAL MARKETS, INC.SPY 11 P659.04
0.2%
CBOE GLOBAL MARKETS, INC.SPY 11 P560.19
-0.1%
CBOE GLOBAL MARKETS, INC.SPY 11 C695.48
-0.6%
CBOE GLOBAL MARKETS, INC.SPY 11 C695.48
-0.6%

Asset allocation

Stocks
99.1%
Cash
0.9%

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

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to provide returns of approximately 2x any positive price return of SPY, up to an 11.06% cap, with a 15% loss buffer.
Strategy
Invests primarily in FLEX Options referencing SPY to achieve a target outcome strategy. Aims for enhanced returns of 2x SPY's positive performance while providing a buffer against the first 15% of losses. The cap and buffer are reset at the start of each Target Outcome Period.
Inception date
November 17, 2023
Fund family
First Trust

Our take

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

Buffer
Warning

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