TrueSharesDefined OutcomeHedged Equity#222 of 318 by YTD

TrueShares Structured Outcome (November) ETFNOVZ

1D 1M 3M YTD 1Y 3Y 5Y MAX

S&P 500 Compare

$46.03+0.2%

+$0.09 · Nov 6 close

Buy

AUM: $36M
Fee: 0.79%
Yield: 3.4%

Bumpy · 1Y: 0.8×S&P
Volume: 43
NAV: $46.04

52-week range5% below the high

$41.57$48.44

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.2%	−4.2%	−4.4%	+5.0%	+5.5%	+55.0%	+54.3%	+102.1%
Peer average	+0.2%	−3.6%	−3.7%	+3.9%	+4.6%	+50.1%	+48.8%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

NOVZ in One Breath

NOVZ Among Hedged Equity ETFs

YTD

#1SIXHMeridian+14.7%$621M

#2RFLRInnovator+11.3%$94.5M

#3PHEQEaton Vance+7.0%$149M

#4KSPYKraneShares+6.6%$130M

#5JUNZTrueShares+6.4%$29.4M

#6JULZTrueShares+6.3%$37.6M

#7MAYZTrueShares+6.2%$32.4M

#8SEPZTrueShares+6.1%$101M

#18NOVZTrueShares+5.0%$35.9M

End-of-day Nov 9, 2026 · 29 Hedged equity ETFs by YTD

$10,000 in NOVZ

$10,000 in NOVZ became

$15,431

In the S&P 500 (VOO)

$17,177

Total return, dividends in · Oct 29, 2021 – Nov 6, 2026 · S&P 500 uses VOO

NOVZ Returns by Period

Today

YTD

MAX

NOVZ

+0.2%

−4.2%

−4.4%

+5.0%

+5.5%

+55.0%

+54.3%

+102.1%

Peer average

+0.2%

−3.6%

−3.7%

+3.9%

+4.6%

+50.1%

+48.8%

—

S&P 500 · VOO

+0.3%

−5.0%

−4.6%

+8.7%

+9.8%

+80.8%

+71.8%

—

End-of-day Nov 9, 2026 · total return, dividends in · peers = 30 Hedged equity ETFs

NOVZ’s Defined Outcome Rank

YTD

#222of 318
defined outcome ETFs

Best · SIXH+14.7%

Average+5.9%

NOVZ+5.0%

Worst · KBUF−16.9%

Defined Outcome ETFs by YTD return · Nov 9, 2026

NOVZ Price and 52-Week Range

From the 52-week high

−5.0%

From the 52-week low

+10.7%

Today $46.03 – $46.03

Previous close $45.94

$46.03 now

52-week low$41.5752-week high$48.44

End-of-day Nov 9, 2026 · box = today’s range, dashed = previous close

NOVZ’s Share of Hedged Equity ETFs

Today

0.2%

of the $14.6B in 31 Hedged equity ETFs

NOVZ$35.9M0.2%

HELO$4.8B32.9%

BALT$3.3B22.3%

28 others$6.5B44.6%

Hedged equity ETF AUM · Nov 9, 2026

NOVZ Fee per $100 vs Peers

Today

$0.79a year
per $100

$79 a year on $10,000

HELO$0.50

FHEQ$0.52

BALT$0.69

NOVZ$0.79

HEGD$0.88

SFLR$0.89

Expense ratio · Hedged equity peers · Nov 9, 2026

Inside NOVZ

4 holdings

NOVZ

TrueShares Structured Outcome (November) ETF

Today

NOVZ reports no holdings we can show: […]

TrueShares NOVZ · holdings

How It Compares

NOVZ

TrueShares Structured Outcome (November) ETF’s Peers

YTD


HELO	J.P. MorganRead Desk	0.50%	+2.7%	+4.3%	$4.8B
BALT	InnovatorRead Desk	0.69%	+3.8%	+5.5%	$3.3B
SFLR	InnovatorRead Desk	0.89%	+3.1%	+3.7%	$2.2B
FHEQ	FidelityRead Desk	0.52%	+6.0%	+6.1%	$1000M
HEGD	SwanRead Desk	0.88%	+4.0%	+4.2%	$719M
NOVZ	TrueSharesThis fundRead Desk	0.79%	+5.0%	+5.5%	$36M

Hedged equity peers · YTD and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put NOVZ head to head with HELO →

HELO vs NOVZ

YTD

HELOJ.P. Morgan · Hedged equityNOVZTrueShares · Hedged equity

Year to date

+2.7%

+5.0%

NOVZ wins+2.3 pts

Past year

+4.3%

+5.5%

NOVZ wins+1.2 pts

Fee

0.50%

0.79%

HELO winslower fee

Yield

0.6%

3.4%

NOVZ wins+2.8 pts

AUM

$4.8B

$35.9M

HELO133.4× more

3–1NOVZ wins

J.P. Morgan HELO and TrueShares NOVZ · year-to-date · as of Nov 9, 2026 · AUM not scored

NOVZ vs VOO

YTD

NOVZ · TrueShares Structured Outcome (November)

+5.0%

VOO · S&P 500

+8.7%

Gap

3.8 pts

TrueShares NOVZ and Vanguard VOO · YTD total return · as of Nov 9, 2026

NOVZ vs Its Peer Average

YTD

NOVZAvsBPeer average

1D+0.2%+0.2%

1M−4.2%−3.6%

3M−4.4%−3.7%

YTD+5.0%+3.9%

1Y+5.5%+4.6%

3Y+55.0%+50.1%

5Y+54.3%+48.8%

5–2NOVZ wins

30 Hedged equity peers · each row scaled to its leader

How Bumpy Is NOVZ?

View

NOVZ

How Bumpy

0.8×the S&P 500’s swings

CalmerBumpierS&P 1×NOVZ

Calm rank among 7 hedged equity funds#6

Other hedged equity funds0.2× to 0.8×

TrueShares NOVZ · daily swings over the past year vs the S&P 500

NOVZ

Worst Drop

−6.7%from its Jan 12 high

Still below the high−4.9%

$10,000 at the high is now$9,510

TrueShares NOVZ · fall from the highest close, past year

NOVZ

On a Bad Day

0.8×the S&P 500’s fall

NOVZ’s worst day: Thursday, Nov 5

NOVZ

−3.3%

S&P 500

−4.4%

Up days52 of every 100

S&P 500 up days52 of every 100

TrueShares NOVZ · average move on days the S&P 500 fell

NOVZ

Return for the Bumps

1Y#4 of 7 hedged equity funds

#1SIXHMeridian

most for the bumps

#2BALTInnovator

calmest ride

#3FHEQFidelity

#4NOVZTrueShares

#5HELOJ.P. Morgan

#6HEGDSwan

less than cash

#7SFLRInnovator

less than cash

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

NOVZ

Cost

Today

$79a year per $10,000

SIXH

$31

HELO

$50

FHEQ

$52

BALT

$69

NOVZ

$79

HEGD

$88

SFLR

$89

Expense ratio 0.79%, taken from the fund’s value

NOVZ

Volatility & Beta

10.4%annual volatility

S&P 500 volatility13.6%

Downside volatility7.5%

Beta vs SPY0.76

Correlation vs SPY0.99

Beta rank, lowest first, of 7#7

Daily total returns × √252 · past 254 trading days

NOVZ

Max Drawdown

−6.7%peak to trough

Peak closeJan 12, 2026

Current drawdown−4.9%

Worst day−3.32% · Nov 5

Closing prices, dividends in

NOVZ

Up / Down Capture

78%down capture vs SPY

Down days

78%

Up days

76%

S&P 500

100%

Up ÷ down capture0.97

Up days52.0% (S&P 52.0%)

Average daily move on SPY up days and down days

NOVZ

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
SIXH	1.89	2.89	8.6%	−3.5%	0.17	$31
BALT	0.58	0.82	2.6%	−1.2%	0.15	$69
FHEQ	0.14	0.20	10.3%	−7.8%	0.72	$52
NOVZ	0.09	0.12	10.4%	−6.7%	0.76	$79
HELO	0.03	0.05	7.7%	−5.8%	0.53	$50
HEGD	−0.03	−0.05	8.5%	−4.6%	0.59	$88
SFLR	−0.08	−0.10	10.6%	−6.8%	0.73	$89

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

NOVZ

Trading

Today

−0.02%below its holdings’ value

Close$46.03

NAV$46.04

Fee per $10,000$79 a year

Avg. volume 30D2K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

NOVZ

Fund Facts

Today

2020launched Oct 30

Tracks[…]

Exchange · CUSIPCBOE · 210322772

StructureETF

Leverage1x

Cost on $10,000$79 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

TrueShares NOVZ · fund facts · as of Nov 9, 2026

NOVZ

Payouts by Year

$1.57per share, Dec 2025

Distribution yield3.4%

PaidOnce a year, in December

Latest ex-date · paidDec 24 · Dec 26, 2025

5 payouts added up$3.79 a share

TrueShares NOVZ · distributions by ex-date · 2021–2025

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-06-30 ↗SEC reported portfolio · 2026-03-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-12-31 ↗SEC reported portfolio · 2025-09-30 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$46.04

Premium / discount[…]

Median spread · 30D[…]

Volume today43

Average volume · 30D2K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.79%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$79.00

Our risk indicator3/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Dec 24, 2025	Dec 26, 2025	$1.57
Dec 27, 2024	Dec 30, 2024	$1.18
Dec 27, 2023	Dec 29, 2023	$0.79
Dec 29, 2022	Jan 3, 2023	$0.0742
Dec 29, 2021	Dec 31, 2021	$0.17

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