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NOVZ vs TENJ

TrueShares Structured Outcome (November) ETF

NOVZDCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

Expense ratio

TENJ −0.26pt a year

NOVZ0.79%TENJ0.53%

Avg volume · 30D

TENJ 10.1×the volume

NOVZ2.44KTENJ24.6K

NOVZ vs TENJ Performance

Oct 31, 2025 – Oct 30, 2026

+7.1%NOVZ+11.7%TENJ

Oct 31, 2025 to Oct 30, 2026. NOVZ +7.1%. TENJ +11.7%. Use the arrow keys to read each point.−5%0%15%Oct 2025Apr 2026Oct 2026
Expense ratio
NOVZ 0.79%
TENJ 0.53%, better
Fund size
NOVZ $37M
TENJ $47M
1Y total return
NOVZ +7.1%
TENJ +11.7%, better
Yield (12M)
NOVZ 3.34%
TENJ No data
Holdings
NOVZ 3
TENJ 4
Avg volume (30D)
NOVZ 2.44K sh
TENJ 24.6K sh, better
NAV per share
NOVZ $47.77
TENJ $28.09
52W range

ETF.net Grade

NOVZ: Cost 40, Risk 31, Mission not scored, Tradability 41, Holdings not scored, Durability 44. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for NOVZ, TENJ, with each pillar’s weight
PillarNOVZTENJ
Cost30% weightC40A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightD31C49Higher
Tradability15% weightC41B66Higher
Holdings10% weightNot scoredC51
Durability5% weightC44HigherC41

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NOVZ and TENJ are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

TENJ ranks 3rd and NOVZ 65th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 65DFHDGFT Vest U.S. Equity Quarterly Dynamic Buffer ETFScore 38
  6. Rank 65DNOVZTrueShares Structured Outcome (November) ETFScore 38
  7. Rank 65DSEPZTrueShares Structured Outcome (September) ETFScore 38

Our read on each fund

ETF.net Research

NOVZDTrueShares Structured Outcome (November) ETF

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

NOVZ Most 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.

TENJ No data

Stated mandate

NOVZ 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.

TENJ No data

Why people hold it

  • NOVZ Written 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.
  • The 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.
  • Trading since 2020, so the November series has a multi-year live record instead of a backtest, inside a standard 1940 Act fund wrapper.

TENJ No data

Worth knowing

  • NOVZ The 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%.
  • A small fund that trades thinly, so bid-ask spreads can run wider than the category's largest names.
  • The 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.

TENJ No data

Full NOVZ profile⁠

Full TENJ profile⁠

NOVZ vs TENJ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NOVZ vs TENJ Cost

Overpaying NOVZ vs TENJ

$4,638

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NOVZ 0.79%

    $15,174

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • NOVZ 0.79%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NOVZ $15,174TENJ $10,536

Year by year

YearNOVZTENJOverpaying
10$1,405$953$452
20$5,331$3,658$1,673
30$15,174$10,536$4,638

Expense ratio

  • 0.79%NOVZ
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

NOVZ 34th cheapest of 77 funds

NOVZ vs TENJ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
NOVZ 3.34%
TENJ No data
Payout (12M)
NOVZ $1.57
TENJ No data
Last payment
NOVZ $1.57
TENJ $0.07
Ex-dividend
NOVZ Dec 24, 2025
TENJ Dec 23, 2025
Paid on
NOVZ Dec 26, 2025
TENJ Dec 29, 2025
Frequency
NOVZ Annual
TENJ Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

NOVZAnnual · 5 paymentsAll NOVZ payments⁠
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.$0$120232026YTD
TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$120232026YTD

NOVZ vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NOVZ 9.5%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
NOVZ 1.24TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
NOVZ −16.6%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
NOVZ 0.76TENJ 0.63

Popular comparisons

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