TrueShares Structured Outcome (November) ETF
NOVZ
Chicago Board Options Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 402 W. Broadway, Suite 400 San Diego CA United States of America 92101
- IPO Date
- Nov 2, 2020
- Website
- true-shares.com
- Similar Companies
- Business
- TrueShares Structured Outcome (November) ETF (NOVZ) is an actively managed exchange-traded fund that seeks to provide investors with returns tracking the S&P 500 Price Index while offering a targeted downside buffer of 8-12% (with an advisor target of 10%) against the index's first losses over a defined 12-month outcome period, alongside estimated upside participation rates typically in the 70-72% range subject to option pricing at inception; the fund achieves this objective by investing substantially all of its assets in a combination of FLEX options on the S&P 500 (including call and put options) and collateral such as U.S. Treasury bills and money market instruments. NOVZ operates within the structured outcome ETF segment of the broader exchange-traded products industry, targeting investors seeking volatility-managed equity exposure with principal protection features over specific holding periods, and trades on the BATS exchange with an expense ratio of 0.79% and a distribution yield reflecting its collateral holdings. The fund, part of the TrueShares ETF lineup sponsored and advised by TrueMark Investments, LLC—a Chicago/Rosemont, Illinois-based firm founded in 2019 with over $1 billion in assets under management as of May 2025—maintains U.S.-centric operations focused on domestic institutional and retail investors. Launched on October 30, 2020, NOVZ resets its outcome period annually in November, with current periods featuring reference prices tied to the S&P 500, remaining buffers tracked daily, and performance metrics showing NAV returns competitive with the index net of costs, such as 14.01% annualized since inception through recent periods. Among recent developments, TrueMark Investments completed the conversion of RiverNorth Capital Management's 5-star rated Core Opportunity mutual fund into the TrueShares/RiverNorth Active Income ETF (CEFZ) in August 2025, expanding its suite of over 25 actively managed ETFs through sub-advisory partnerships and marking its first mutual fund-to-ETF transition to enhance liquidity and tax efficiency; the firm also continues strategic alliances with sub-advisors like RiverNorth for specialized strategies in income, volatility management, and thematic exposures.