At a glance
NOVZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $37.6M in assets, the 8th largest of that group; it paid 3.28% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.5% with distributions reinvested, the weakest of those 8 funds; over three years it returned +18.1% a year. At its worst it fell 16.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
TrueShares Structured Outcome (November) ETF (NOVZ) is an actively managed buffer fund. It holds mostly Treasury bills plus options on the S&P 500. It aims to track the index's price return while cushioning the first 8% to 12% of losses over each November-to-October period. Its 0.79% expense ratio ties for lowest among eight similar buffer funds. With $37.6 million in net assets as of June 30, 2026, it is also the smallest.
Price history
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NOVZ +8.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NOVZ official prospectus, to Dec 31, 2025 | — | +12.93% | — | +11.78% | — | +13.54% |
| NOVZ price data to Oct 27, 2026 | +9.1% | +8.5% | +18.1% | +10.2% | — | +10.2% |
- Over the year to Oct 27, 2026, NOVZ returned +8.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.2%.
- Its worst full calendar year was 2022 (-9.6%); its best was 2024 (+19.1%).
- The deepest fall in its price history was 16.6% (Dec 29, 2021 to Oct 12, 2022), recovered by Jun 15, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +13.0% | +12.93% |
| 2024 | +19.1% | +19.19% |
| 2023 | +18.1% | +18.21% |
| 2022 | -9.6% | -9.66% |
| 2021 | — | +21.40% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 16.6%, back to its old high 8.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.5700 | +33.1% |
| 2024 | $1.1800 | +49.4% |
| 2023 | $0.7900 | +1028.6% |
| 2022 | $0.0700 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 93.13% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 93.13% |
By country
United States 93.13%By issuer
US Treasury 93.13%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $16.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.59%, +4.01%, -0.99%.
How it works
NOVZ does not own stocks. Its adviser, TrueMark Investments, builds market exposure with options on the S&P 500 Price Return Index or an ETF that tracks it. On each November roll date, the fund sells put options with strike prices about 8% to 12% below the index level. It then uses the premium it collects to buy at-the-money call options. A call gains value when the index rises. A sold put causes losses only if the index ends below its strike. The adviser aims for a 10% buffer, but the range gives it room when markets move.
Most of the options are European-style FLEX options. These are customized contracts listed on Cboe and guaranteed for settlement by The Options Clearing Corporation, and they can be exercised only when the period ends. The rest of the money sits in US Treasury bills. As of June 30, 2026, a Treasury bill maturing October 29, 2026, made up 93% of assets. Fourteen option positions made up about 7%, led by an SPY call at 3.96%.
Two details matter. First, the target is a price index, so S&P 500 dividends are not included, and option costs mean gains may be well below the index's. Second, the buffer runs only from one roll date (November 1) to the next. Someone who buys mid-period may get more or less protection than stated, and losses beyond the buffer are not cushioned.
What it really costs
- NOVZ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NOVZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers S&P 500 price exposure with a cushion against the first 8% to 12% of losses in each 12-month period, at the cost of some upside.
NOVZ could add stock market exposure with some cushion against moderate drops. It has faced one major test. In the 2022 bear market it fell 16.6% from its peak to October 12, 2022, and took about eight months to recover, by June 15, 2023. Its worst calendar year was 2022, at -9.66%. It launched in November 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. Someone forced to sell in late 2022 would still have locked in a loss. It pays once a year, with a trailing yield of 3.28% as of October 27, 2026, so it does not provide steady monthly income. Its 0.79% expense ratio works out to $81 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a cushion against the first 8% to 12% of losses in each November-to-October period.
- Buyers who can invest near the November 1 roll date and hold the full 12 months, when the buffer works as designed.
- Cost-conscious buffer investors: its 0.79% expense ratio is below the 0.86% average of the similar buffer funds compared here.
Look elsewhere if
- Investors who want full S&P 500 gains plus dividends. It targets the price index, and option costs can leave returns well below the index.
- Those who prefer large funds: NOVZ had $37.6 million as of June 30, 2026, versus $10.5 billion for BUFR as of August 31, 2026.
- Anyone who needs protection from deep crashes. Losses beyond the 8% to 12% buffer pass through, and the fund fell 16.6% in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NOVZ this fund | 0.79% | $37.6M | +8.5% | +18.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the NOVZ buffer ETF work?
NOVZ uses options to follow the S&P 500 Price Return Index while trying to absorb the first 8% to 12% of losses over each 12-month period, from November 1 to October 31. It sells put options roughly 8% to 12% below the index and uses the premium to buy at-the-money calls. Most of its assets sit in Treasury bills. If the index falls more than the buffer, the fund takes the extra losses, and its gains may trail the index.
Does NOVZ pay dividends?
Yes, but only once a year. Over the trailing 12 months the fund paid $1.57 per share, a yield of 3.28% as of October 27, 2026. Because it targets the S&P 500's price return, the dividends paid by S&P 500 companies are not part of its target return. Most of its assets are in short-term Treasury bills. The once-a-year schedule makes it a poor match for anyone who needs regular monthly income.
What happens if you buy NOVZ in the middle of the outcome period?
Your protection may differ from the stated 8% to 12% buffer. The buffer is measured from the November 1 roll date to October 31. If the index has risen since the period began, you could lose more before the buffer starts to help. If the index has already fallen, part of the buffer may be used up. The prospectus calls this purchase and sale timing risk. The fund is designed for holding a full period, from one roll date to the next.
NOVZ vs FDEC: which buffer ETF costs less?
NOVZ costs less. Its expense ratio is 0.79%, against 0.85% for FT Vest US Equity Buffer ETF - December (FDEC). FDEC is much larger, with $1.31 billion in net assets as of August 31, 2026, versus $37.6 million for NOVZ as of June 30, 2026. In the year to October 27, 2026, FDEC returned 12.9% and NOVZ 8.5%. Over three years the gap was smaller: 18.5% versus 18.1% a year. The two funds' outcome periods reset in different months.
What is NOVZ's performance record?
According to its prospectus, NOVZ's average annual return as of December 31, 2025, was 12.93% over one year, 11.78% over five years and 13.54% since its November 2020 launch. Its calendar-year returns ranged from 21.4% in 2021 to -9.66% in 2022. Based on price, it returned 8.5% over the year to October 27, 2026, last among eight similar buffer funds. Over three years it returned 18.1% a year, third of eight.