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Launched · SEC filings

TrueShares Structured Outcome (November) ETF

NOVZCboeD

$48.33+0.06 (+0.13%)

As of Oct 13, 2026, 3:44 PM

D39/ 100

Rank 63 of 77 in S&P 500 Buffer 9-12%

D39/100Rank 63 of 77inS&P 500 Buffer 9-12%
Intraday session: up, 21 prints from 48.27 to 48.33. Range 48.25 to 48.33. Use the arrow keys to read each point.48.2848.3048.3210 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$38M
1Y total return
+14.0%
Yield · Last 12 months
3.25%
Holdings
17
Avg volume · 30D
0M sh
NAV per share
$48.33
52W range
low $41.57high $48.44
Launched
Filings
SEC EDGAR

The ETF.net NOVZ Grade

Based on 4 of 6 pillars

D

Score 39 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
63 of 77
Six-pillar profile for NOVZ. Scores out of 100: Cost 40, Risk 31, Mission not scored, Tradability 46, Holdings not scored, Durability 44. Strongest: Tradability (46). Weakest: Risk (31). Based on 4 of 6 pillars.

Score 39 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D31 out of 100
    Rank 63 of 76

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C46 out of 100
    Rank 43 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C44 out of 100
    Rank 50 of 77

Our read on NOVZ

ETF.net Research

DMost buffer funds make you hand over an upside cap in exchange for downside protection. NOVZ states no cap: its objective is tracking the S&P 500 price index before fees while buffering the first 8% to 12% of losses over each twelve-month period.

Stated mandate

The Fund seeks to track the S&P 500 Price Return Index before fees and expenses while using an options-based strategy intended to buffer the first 8% to 12% of index losses over each twelve-month period.

Why people hold it

  1. 01Written without a stated upside cap: track the S&P 500 Price Return Index before fees and expenses, with the first 8% to 12% of index losses buffered each twelve-month period.
  2. 02The outcome period resets every November 1 and runs to the end of October, and sibling funds start in other months (JANZ, MAYZ, JUNZ, OCTZ, DECZ) on the same index.
  3. 03Trading since 2020, so the November series has a multi-year live record instead of a backtest, inside a standard 1940 Act fund wrapper.

Worth knowing

  1. 01The 0.79% fee sits right at the middle of the S&P 500 buffer group, and cheaper routes to the same index exist, such as BUFP at 0.50%.
  2. 02A small fund that trades thinly, so bid-ask spreads can run wider than the category's largest names.
  3. 03The buffer is a targeted 8% to 12% range measured across the full November-to-October period. Buying mid-period changes your starting point and the protection left.

NOVZ Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
17
Top-10 weight
100%
Largest holding
Treasury Bill B 10/29/2691.6%

Sectors

  • Technology37.9%
  • Financials11.7%
  • Communication10.0%
  • Consumer Discretionary9.6%
  • Health Care9.1%
  • Industrials8.4%
  • Consumer Staples4.6%
  • Energy3.0%
  • Utilities2.3%
  • Real Estate1.9%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Treasury Bill B 10/29/2691.63%34,606,000$35M46
002—SPY 10/30/26 C682.09 Euro Cash Flex4.43%170$2M1
003—SPY 10/30/26 C717.00 Euro Cash Flex1.00%59$376K1
004—SPY 10/30/26 C719.00 Euro Cash Flex0.97%59$364K1
005—SPY 10/30/26 C682.07 Euro Cash Flex0.63%24$236K1
006—SPY 10/30/26 C756.01 Euro Cash Flex0.27%38$101K1
007—SPY 10/30/26 C697.01 Euro Cash Flex0.24%11$92K1
008—SPY 10/30/26 C690.01 Euro Cash Flex0.24%10$90K1
009—SPY 10/30/26 C739.00 Euro Cash Flex0.18%16$68K1
010—SPY 10/30/26 C758.01 Euro Cash Flex0.11%16$40K1
011—State Street Inst U.s. Government Mmkt Admn Class0.08%30,509$31K23
012—SPY 10/30/26 C772.01 Euro Cash Flex0.08%21$28K1
013—SPY 10/30/26 C710.00 Euro Cash Flex0.06%3$21K1
014—SPY 10/30/26 C693.00 Euro Cash Flex0.05%2$17K1
015—SPY 10/30/26 C700.00 Euro Cash Flex0.04%2$16K1

Showing 1–15 of 17 holdings

NOVZ Performance

Launched Oct 30, 2020

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
NOVZ$11,401
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. NOVZ $11,401. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NOVZ. Periods over one year show the average yearly return.
PeriodNOVZ
Year to date+10.1%
1 month+1.4%
3 months+1.9%
1 year+14.0%
3 yearsper year+16.7%
5 yearsper year+11.3%
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NOVZ
YearReturn barNOVZ
2026 YTD+10.1%
2025+13.0%
2024+19.1%
2023+18.0%
2022−9.6%
2021+21.4%
2020+10.3%

History from Nov 2, 2020

NOVZ in the news

Filtered to NOVZ · S&P 500 Buffer 9-12%

NOVZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
3.25%Last 12 months
Payout per share
$1.57Last 12 months
Last payment
$1.57 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 29, 2021 $0.17; Dec 29, 2022 $0.07; Dec 27, 2023 $0.79; Dec 27, 2024 $1.18; Dec 24, 2025 $1.57. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.57
Dec 27, 2024Dec 30, 2024$1.18
Dec 27, 2023Dec 29, 2023$0.79
Dec 29, 2022Jan 3, 2023$0.07
Dec 29, 2021Dec 31, 2021$0.17

NOVZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.5%
Annualised · 36 months to Sep 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.20
vs 3-month T-bills · to Sep 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−16.6%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.76
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NOVZ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

NOVZ costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.

Other funds in S&P 500 Buffer 9-12%

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