NOVZ ETF — TrueShares Structured Outcome (November) ETF

TrueShares Structured Outcome (November) ETF (NOVZ)

NOVZ is an ETF. its distribution rate is 3.30%, its trailing-12-month yield is 3.30%, its expense ratio is 0.79%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 109.0% over the past 5.9 years, 41.4 points behind SPY at 150.4%.

At the current 3.30% distribution rate, a $10,000 investment would generate approximately $330 per year if the next payment matches the last regular one.

TrueShares Structured Outcome (November) is an actively-managed ETF that invests substantially all of its assets in options on the S&P 500 Price Index, using a strategy of purchasing call options and selling put options that roll annually in November. The fund carries a modest current distribution rate and an expense ratio of 0.79%, with distributions paid annually. This structure appeals to income-oriented investors seeking defined-outcome strategies linked to broad equity market exposure.

NOVZ performance versus SPY

Price and return data through 2026-09-30.

Total return is 109.0% over the past 5.9 years, 41.4 points behind SPY at 150.4%. Over the past year its total return — price change plus distributions reinvested — is 10.5%. Its deepest 1-year drawdown was 6.7%.

NOVZ key facts

Distribution Safety Score™

50 · Unproven

Issuer

TrueShares

Asset type

ETF

Asset class

Fixed Income

Inception date

10/30/2020

Expense ratio

0.79%

Distribution rate

3.30%

Distribution frequency

Annual

Trailing yield

3.30%

Last close

$47.61 (as of 2026-09-30)

NAV

$47.66

Premium / discount

0.10% discount

AUM

$37,450,529

Average volume

477.0

Last dividend

$1.572

Last ex-dividend date

12/24/2025

Last payment date

12/26/2025 (as of 2025-12-26)

P/E ratio

27.084

How Dividend Vision calculates yield and returns

Distribution rate (3.30%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (3.30%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: TrueShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

NOVZ risks and drawbacks

NOVZ's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 6.7%.

Who may consider NOVZ — and who may not

NOVZ may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (NOVZ pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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