# TrueShares Structured Outcome (November) ETF (NOVZ): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/novz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: TrueShares · Asset class: Equity - Strategy: Actively Managed · Inception: 2020-10-30 This actively managed exchange-traded fund (ETF) pursues its investment goals by committing nearly all of its assets to options contracts that derive their value from an underlying index. Specifically, on each designated "Initial Investment Day," the fund systematically purchases call options and sells put options. These options are tied to either the S&P 500 Price Index directly or an ETF designed to track its performance, and they are structured to mature by the subsequent "Roll Date." The fund operates with a non-diversified investment approach. ## Key Facts | Metric | Value | |---|---| | Price | $47.86 | | Expense Ratio | 0.79% | | Assets Under Management | $37.3M | | NAV | $47.79 | | Holdings Count | 18 | | Distribution Yield (TTM) | 3.28% | | Annual Distribution (TTM) | $1.57 /share | | Distribution Frequency | Annual | | 52-Week Range | $41.57 – $48.44 | | Beta | 0.76 | ## Latest Distribution - Amount: $1.5719 /share - Ex-date: 2025-12-24 - Pay date: 2025-12-26 ## Frequently Asked Questions ### What does NOVZ invest in? This actively managed exchange-traded fund (ETF) pursues its investment goals by committing nearly all of its assets to options contracts that derive their value from an underlying index. Specifically, on each designated "Initial Investment Day," the fund systematically purchases call options and sells put options. These options are tied to either the S&P 500 Price Index directly or an ETF designed to track its performance, and they are structured to mature by the subsequent "Roll Date." The fund operates with a non-diversified investment approach. ### What is the expense ratio of NOVZ? TrueShares Structured Outcome (November) ETF (NOVZ) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is NOVZ? TrueShares Structured Outcome (November) ETF (NOVZ) manages $37.3M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is NOVZ actively managed or an index fund? NOVZ is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (NOVZ's is 0.79%) in exchange for the discretion to over- or under-weight positions. ### When was NOVZ launched? TrueShares Structured Outcome (November) ETF (NOVZ) launched in October 2020 and is managed by TrueShares. ### How has NOVZ performed? NOVZ's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does NOVZ pay a dividend? TrueShares Structured Outcome (November) ETF (NOVZ) currently distributes little or no income. Trailing-twelve-month yield is 3.28%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does NOVZ pay dividends? TrueShares Structured Outcome (November) ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is NOVZ's dividend yield? NOVZ's trailing-twelve-month yield is 3.28%, calculated from the sum of dividends over the past year divided by the current price. ### When is NOVZ's next ex-dividend date? The most recently announced ex-dividend date for NOVZ was 2025-12-24. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will NOVZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.79% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does NOVZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from NOVZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does NOVZ cost more than a fund like VOO? NOVZ is actively managed (current expense ratio 0.79%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether NOVZ's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to NOVZ? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as NOVZ (0.79%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/novz - Distribution history: https://www.dividenddata.com/funds/novz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/novz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/novz/expenses - Peer comparison: https://www.dividenddata.com/funds/novz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.