- Issuer
- First Trust
- Inception Date
- Nov 21, 2025
- Category
- Defined Outcome, Options Trading
- Leveraged
- 1x (No leverage)
- Index Tracked
- SPDR S&P 500 ETF Trust (SPY)
- Domicile
- United States
- Asset Class
- Alternatives
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $20M
Share Price Chart
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Performance
DLNV Performance Chart
FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV) is up 5.4% since the beginning of the year. DLNV is currently trading at $33 per share.
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Returns By Period
FT Vest U.S. Equity Dual Directional Buffer ETF - November
- 1D
- 0.47%
- 1M
- 0.52%
- YTD
- 5.40%
- 6M
- 5.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
DLNV Monthly Returns History
Based on dividend-adjusted daily data since Nov 24, 2025, DLNV's average daily return is +0.05%, while the average monthly return is +0.92%. At this rate, an investment would double in approximately 6.3 years.
Historically, 63% of months were positive and 38% were negative. The best month was Apr 2026 with a return of +5.6%, while the worst month was Mar 2026 at -2.6%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 2 months.
On a daily basis, DLNV closed higher 58% of trading days. The best single day was Mar 31, 2026 with a return of +1.7%, while the worst single day was Jan 20, 2026 at -1.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.64% | -0.06% | -2.58% | 5.55% | 1.96% | -0.03% | 5.40% | ||||||
| 2025 | 1.28% | 0.60% | 1.88% |
Benchmark Metrics
FT Vest U.S. Equity Dual Directional Buffer ETF - November has an annualized alpha of 2.07%, beta of 0.50, and R2 of 0.89 versus S&P 500 Index. Calculated based on daily prices since November 24, 2025.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (39.00%) than losses (27.93%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 2.07% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.50 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.07%
- Beta
- 0.50
- R²
- 0.89
- Upside Capture
- 39.00%
- Downside Capture
- 27.93%
Expense Ratio
DLNV has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - November (DLNV) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DLNV | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FT Vest U.S. Equity Dual Directional Buffer ETF - November. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FT Vest U.S. Equity Dual Directional Buffer ETF - November was 4.83%, occurring on Mar 30, 2026. Recovery took 9 trading sessions.
The current FT Vest U.S. Equity Dual Directional Buffer ETF - November drawdown is 0.13%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -4.83%Mar 2026 | 1mo 25d | 14d | 2mo 9dFeb 2026 - Apr 2026 |
2026 pullback2026 | -1.39%Jun 2026 | 5d | 5d | 10dJun 2026 - Jun 2026 |
2026 pullback2026 | -1.29%Jan 2026 | 7d | 7d | 14dJan 2026 - Jan 2026 |
2025 pullback2025 | -1.08%Dec 2025 | 5d | 5d | 10dDec 2025 - Dec 2025 |
2026 pullback2026 | -0.60%Jun 2026 | 1d | — | 6d 23hJun 2026 - now |
Drawdown Indicators
| DLNV | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -56.78% | +51.95% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.13% | -2.49% | +2.36% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -10.72% | +10.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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