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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.
You mainly own a stack of customized options on SPY plus cash-like collateral—not the 500 stocks. The options are designed so you take the first small drop, get protection through a “deep buffer” zone, and give up gains above a preset ceiling.
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Provides downside buffer protection with capped upside over a defined outcome period.
Showing the largest holdings by weight in DNOV
| Logo | Ticker | ETF Weight | Market Value | |
|---|---|---|---|---|
4S | 4SPY 261120C00006580 2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.58 | 2026-11-20 State Street® SPDR® S&P 500® ETF Trust C 6.58 | 96.50% | $376.0M |
4S | 4SPY 261120P00626080 2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 626.08 | 2026-11-20 State Street® SPDR® S&P 500® ETF Trust P 626.08 | 2.74% | $10.7M |
$U | $USD US Dollar | US Dollar | 0.76% | $3.0M |
Breakdown of DNOV by sector weightings (%)
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Top countries by weight (%)
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