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GNOV is a “target outcome” buffer ETF designed to track SPY’s price moves with a built-in cushion: it aims to absorb the first ~15% of SPY losses over a November-to-November holding window, in exchange for a capped upside. It does this by holding customized exchange-traded options (FLEX options) on SPY plus collateral, then resetting for a new one-year outcome period where the cap can change with market conditions.
You don’t own the S&P 500 stocks directly—you mostly own a package of options tied to SPY, plus cash-like collateral. The options are built to soften the first chunk of losses, but they also limit how much you can gain.
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Provides downside buffer protection with capped upside over a defined outcome period.
Showing the largest holdings by weight in GNOV
| Logo | Ticker | ETF Weight | Market Value | |
|---|---|---|---|---|
4S | 4SPY 261120C00006610 2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.61 | 2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.61 | 95.51% | $301.2M |
4S | 4SPY 261120P00659050 2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.05 | 2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 659.05 | 3.74% | $11.8M |
$U | $USD US Dollar | US Dollar | 0.75% | $2.4M |
Breakdown of GNOV by sector weightings (%)
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Top countries by weight (%)
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