SNOV ETF — Holdings & Analysis

The FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) is a multi-asset ETF managed by First Trust, with $0.11 billion in assets under management.

SNOV aims to replicate the price return of the iShares Russell 2000 ETF, offering a capped upside of 18.42% while buffering against the first 15% of losses. With an expense ratio of 0.90%, SNOV provides a defined outcome strategy targeting small-cap exposure with downside protection and limited upside, expiring November 20, 2026.

FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) ETF — Price, Holdings & Analysis

The FT Vest U.S. Small Cap Moderate Buffer ETF - November (SNOV) is a multi-asset ETF managed by First Trust, with $0.11 billion in assets under management. SNOV aims to replicate the price return of the iShares Russell 2000 ETF, offering a capped upside of 18.42% while buffering against the first 15% of losses. With an expense ratio of 0.90%, SNOV provides a defined outcome strategy targeting small-cap exposure with downside protection and limited upside, expiring November 20, 2026.

ETF Overview

The investment objective of the FT Vest U.S. Small Cap 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 iShares Russell 2000 ETF (the "Underlying ETF"), up to a predetermined upside cap of 18.42% 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.

SNOV, the FT Vest U.S. Small Cap Moderate Buffer ETF - November, seeks to match the price return of the iShares Russell 2000 ETF, but with a twist. The fund provides a buffer against the first 15% of losses in the Underlying ETF, while capping the upside at 18.42% over the period from November 24, 2025 to November 20, 2026. This defined outcome strategy is designed for investors seeking small-cap exposure with a degree of downside protection and a limit on potential gains. The ETF achieves this through a portfolio of holdings designed to track the iShares Russell 2000 ETF's performance. SNOV's sector allocation includes significant weightings in Healthcare (17.5%), Industrials (17.1%), and Financial Services (16.0%), reflecting the composition of the Russell 2000. The fund's investment strategy makes it suitable for investors who want to participate in the small-cap market while mitigating potential losses, accepting a capped upside in return for downside protection.

Risk Metrics

SNOV's risk profile is shaped by its defined outcome strategy and sector concentrations. The 0.90% expense ratio is higher than typical broad market ETFs, creating a drag on returns, especially if the underlying iShares Russell 2000 ETF performs flat or negatively. The ETF's sector allocation introduces concentration risk, with approximately 50% of the portfolio invested in Healthcare, Industrials, Financial Services, and Technology. A downturn in any of these sectors could disproportionately impact SNOV's performance. The fund's beta is reported as 0.00, but this is likely due to the defined outcome strategy and buffer, not necessarily reflecting the true volatility of the underlying small-cap market. Investors should be aware that the capped upside limits potential gains, while the buffer only protects against the first 15% of losses.

Expense Ratio

0.90%

How Is the Fund Allocated?

Sector	Weight
Healthcare	17.5%
Industrials	17.1%
Financial Services	16.0%
Technology	15.0%
Consumer Cyclical	9.3%
Real Estate	6.3%
Energy	5.7%
Basic Materials	5.2%
Utilities	3.0%
Consumer Defensive	2.6%
Communication Services	2.3%
Cash & Others	0.0%

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
FT Vest U.S. Equity Moderate Buffer ETF - June (GJUN) — 0.85% expense ratio
FT Vest U.S. Equity Deep Buffer ETF - March (DMAR) — 0.85% expense ratio
FT Vest 20+ Year Treasury & Target Income ETF (LTTI) — 0.65% expense ratio
VanEck Emerging Markets High Yield Bond ETF (HYEM) — 0.40% 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 SNOV and what does it track?

SNOV is the FT Vest U.S. Small Cap Moderate Buffer ETF - November, managed by First Trust. It aims to provide investment returns that match the price return of the iShares Russell 2000 ETF.

What is the expense ratio for SNOV?

The expense ratio for SNOV is 0.90%. This means that for every $10,000 invested, $90 is used to cover the fund's operating expenses annually.

While this provides the defined outcome strategy, the expense ratio is higher than many broad market ETFs. Investors should consider the expense ratio in the context of the fund's potential benefits, such as downside protection and capped upside.

What are the top holdings in SNOV?

As a defined outcome ETF, SNOV's top holdings consist of instruments designed to track the iShares Russell 2000 ETF and achieve its buffer and cap objectives.

The fund's strategy involves derivatives and other financial instruments to replicate the desired performance profile.

Is SNOV a good long-term investment?

SNOV's suitability as a long-term investment depends on an investor's specific goals and risk tolerance. The ETF's defined outcome strategy, with its downside buffer and upside cap, may be attractive to investors seeking to manage risk in the small-cap market.

However, the 0.90% expense ratio can impact long-term returns.

How does SNOV compare to similar ETFs?

SNOV competes with other defined outcome ETFs that offer downside protection and capped upside potential. When comparing SNOV to similar ETFs, investors should consider the specific buffer and cap levels, the underlying index tracked, and the expense ratio.

SNOV's expense ratio is 0.90%, which may be higher or lower than competing funds.

Does SNOV pay dividends?

According to the provided data, SNOV has a dividend yield of 0.00%. This suggests that the fund does not currently distribute dividends to its shareholders.

Investors seeking income-generating investments may want to consider other ETFs with a history of dividend payments. The fund's primary objective is to provide a defined outcome based on the performance of the iShares Russell 2000 ETF, rather than generating income through dividends.