FT Vest U.S. Equity Moderate Buffer ETF - November
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- FT Vest U.S. Equity Moderate Buffer ETF - November (GNOV) is an exchange-traded fund that seeks to provide investors with returns, before fees and expenses, that match the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predefined cap, while offering a moderate downside buffer of approximately 5% over a one-year target outcome period ending in November each year; it employs a target outcome strategy utilizing FLEX Options on SPY, including long and short positions in call and put options, supplemented by holdings in cash equivalents such as government securities. The fund's portfolio typically consists primarily of FLEX Options referencing SPY, with weightings exceeding 97% in key option positions as of mid-2025, alongside minimal cash allocations; it operates within the defined outcome ETF segment, targeting investors seeking equity exposure with defined risk parameters. GNOV trades on NYSE Arca and forms part of First Trust Exchange-Traded Fund VIII, sponsored by First Trust Portfolios L.P., with investment advisory services provided by First Trust Advisors L.P. (headquartered in Wheaton, Illinois, founded in 1991) and sub-advisory by Vest Financial LLC, a majority-owned affiliate through First Trust Capital Partners, LLC. Launched on November 17, 2023, GNOV manages approximately $295 million in assets under management and focuses on U.S. large-cap equity market participation through its S&P 500-linked strategy, primarily serving retail and institutional investors interested in buffered equity solutions. Geographically, the fund's reference exposure centers on U.S. equities via SPY, with operations domiciled in the United States. In October 2025, First Trust Advisors announced proposed reorganizations involving four Vest-advised funds, including certain buffer ETFs, into new acquiring funds such as the FT Vest Hedged Bitcoin Total Return Income Fund, pending shareholder approval; these transactions, if completed, would not directly impact GNOV but reflect ongoing strategic portfolio optimizations within the First Trust and Vest ecosystem. Recent institutional interest includes Anfield Capital Management LLC establishing a new position of 35,257 shares valued at $1.286 million in Q2 2025, signaling growing adoption among advisors. First Trust continues to expand its suite of over 300 outcome-driven ETFs, overseeing more than $54 billion in assets as of September 2025, underscoring robust growth in the target buffer ETF category.