DNOV

DNOV is an actively managed “target outcome” ETF that uses exchange-traded FLEX options tied to SPY’s price return to shape a one-year return profile starting in November. It’s built to cap upside (current cap ~12.46% before fees; ~11.60% after fees) in exchange for a defined loss buffer zone, where SPY losses between about -5% and -30% are largely absorbed by the option structure if you hold for the full outcome period.