GNOV ETF — Holdings & Analysis

Launched in November 2023, GNOV has $0.30 billion in assets under management and an expense ratio of 0.85%. This multi-asset ETF provides a defined outcome strategy, making it distinct from traditional index-tracking ETFs by aiming to provide both downside protection and limited upside participation.

FT Vest U.S. Equity Moderate Buffer ETF - November (GNOV) ETF — Price, Holdings & Analysis

The FT Vest U.S. Equity Moderate Buffer ETF - November (GNOV) seeks to replicate the price return of the SPDR S&P 500 ETF Trust, offering a capped upside of 13.25% while buffering against the first 15% of losses. Launched in November 2023, GNOV has $0.30 billion in assets under management and an expense ratio of 0.85%. This multi-asset ETF provides a defined outcome strategy, making it distinct from traditional index-tracking ETFs by aiming to provide both downside protection and limited upside participation.

ETF Overview

The investment objective of the FT Vest U.S. Equity Moderate Buffer ETF - November ("the Fund") is to seek to provide investors with returns (before fees and expenses) that match the price return of the SPDR S&P 500 ETF Trust (the "Underlying ETF"), up to a predetermined upside cap of 13.25% while providing a buffer (before fees and expenses) against the first 15% of Underlying ETF losses, over the period from November 24, 2025 to November 20, 2026.

GNOV, the FT Vest U.S. Equity Moderate Buffer ETF - November, aims to match the price return of the SPDR S&P 500 ETF Trust while providing a buffer against the first 15% of losses and capping upside at 13.25% from November 24, 2025, to November 20, 2026. This defined outcome strategy is achieved through holding positions designed to track the S&P 500's performance with downside protection and upside limitation. Unlike traditional ETFs that simply track an index, GNOV seeks to provide a specific range of returns, appealing to investors looking for a balance between growth potential and risk mitigation. The fund's sector allocation reflects a broad exposure to the U.S. equity market, with significant allocations to Technology (33.6%), Financial Services (12.5%), and Communication Services (10.5%). The fund's investment strategy makes it suitable for investors seeking to participate in equity market gains while limiting potential losses within a defined range.

Risk Metrics

GNOV's defined outcome strategy inherently involves certain risks. The 0.85% expense ratio is higher than some passively managed ETFs, which can create a drag on performance, especially if the fund's upside is capped. While the fund provides a 15% downside buffer, losses exceeding this buffer will not be protected. The fund's returns are also capped at 13.25%, limiting potential gains in strongly upward-trending markets. The fund's sector allocation, with a significant weighting in Technology (33.6%), exposes it to sector-specific risks. With 100% of its country exposure in 'Other', the fund's diversification benefits might be limited. The fund's beta of 0.00 indicates that it has very low volatility compared to the market, but this is a function of its defined outcome strategy rather than an indicator of low risk in all market conditions. Past performance does not guarantee future results.

Expense Ratio

0.85%

How Is the Fund Allocated?

Sector	Weight
Technology	33.6%
Financial Services	12.5%
Communication Services	10.5%
Consumer Cyclical	10.1%
Healthcare	9.6%
Industrials	8.6%
Consumer Defensive	5.3%
Energy	3.4%
Utilities	2.5%
Real Estate	2.0%
Basic Materials	1.9%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

JPMorgan Flexible Income ETF (JFLI) — 0.35% expense ratio
FT Vest Laddered Buffer ETF (BUFR) — 0.95% expense ratio
State Street Income Allocation ETF (INKM) — 0.50% expense ratio
iShares LifePath Retirement ETF (IRTR) — 0.08% expense ratio
VanEck Emerging Markets High Yield Bond ETF (HYEM) — 0.40% expense ratio
FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) — 0.90% expense ratio
FT Vest U.S. Equity Moderate Buffer ETF - June (GJUN) — 0.85% expense ratio
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) — 0.85% expense ratio

First Trust RiverFront Dynamic Emerging Markets ETF (RFEM) (International Equity) — 0.99% expense ratio
FT Energy Income Partners Enhanced Income ETF (EIPI) (Sector Equity) — 1.11% expense ratio
First Trust Europe AlphaDEX Fund (FEP) (International Equity) — 0.80% expense ratio
First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) (International Equity) — 0.80% expense ratio
First Trust NASDAQ Clean Edge Green Energy Index Fund (QCLN) (Sector Equity) — 0.56% expense ratio
First Trust Developed Markets ex-US AlphaDEX Fund (FDT) (International Equity) — 0.80% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is GNOV and what does it track?

The FT Vest U.S.

Equity Moderate Buffer ETF - November (GNOV) is a defined outcome ETF that aims to replicate the price return of the SPDR S&P 500 ETF Trust, offering a capped upside of 13.25% while buffering against the first 15% of losses.

What is the expense ratio for GNOV?

The expense ratio for GNOV is 0.85%. This means that for every $1000 invested, $8.50 goes towards covering the fund's operating expenses.

While this provides the benefit of a buffer against losses and a capped upside, the expense ratio is higher than passively managed ETFs that simply track the S&P 500. The category average expense ratio is 0.44%, making GNOV relatively more expensive.

What are the top holdings in GNOV?

GNOV is designed to track the SPDR S&P 500 ETF Trust, so it does not have individual stock holdings in the traditional sense. Instead, it uses financial instruments to achieve its defined outcome strategy.

As of 2026-03-15, the fund's sector allocation is heavily weighted towards Technology at 33.6%, followed by Financial Services at 12.5% and Communication Services at 10.5%.

Is GNOV a good long-term investment?

Whether GNOV is a suitable long-term investment depends on an investor's specific goals and risk tolerance.

The ETF's defined outcome strategy, with a capped upside of 13.25% and a 15% downside buffer, may be attractive to investors seeking to limit potential losses while still participating in market gains.

How does GNOV compare to similar ETFs?

GNOV differentiates itself through its defined outcome strategy, offering a capped upside and a downside buffer linked to the SPDR S&P 500 ETF Trust.

Compared to traditional ETFs that passively track an index, GNOV actively manages its positions to achieve its defined outcome.

Does GNOV pay dividends?

As of 2026-03-15, the FT Vest U.S. Equity Moderate Buffer ETF - November (GNOV) has a dividend yield of 0.00%. This indicates that the fund does not currently distribute dividends to its shareholders.

The fund's primary objective is to provide a defined return profile linked to the SPDR S&P 500 ETF Trust, rather than generating income through dividends.