NOVZ TrueShares Structured Outcome (November) ETF
Absorbs the first 10% of loss on SPX and does not cap the gain, over a period ending Oct 30, 2026
As of Sep 11, 2026, NOVZ has no cap on its upside, and resets in 52 days.
Key facts
ETFIQ Downside Cover Score
38.2joint 161st of 293
NOVZ absorbs 50% of the next 20% fall in what it tracks.
If the market falls into a bear market from here, how much does the buffer absorb?
That is the share of the 293 buffer ETFs with a live outcome period sitting at or below NOVZ. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.
81st of 380 buffer ETFs by how soon they reset
In plain words
It takes a share of any further rise in SPX. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPX can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPX level. 52 days remained on Sep 11, 2026. On Oct 30, 2026 the period ends and a new cap is set.
| Reference index | SPX |
|---|---|
| Buffer | 10% |
| Outcome period | Nov 1, 2025 to Oct 30, 2026 |
| Starting cap | uncapped |
| Estimated upside participation | 81.0% to 83.0% |
| SPX return since period start | +11.9% |
| Fund return since period start | +8.3% |
| Net assets (issuer page, as of Sep 11, 2026) | $37m |
| Band state today (ETFIQ) | Uncapped |
| Can still gain (issuer, fund price) | uncapped |
| Fall before buffer (issuer, fund price) | 4.6% |
| Fall to the buffer in index terms (ETFIQ) | 10.6% |
| Protection left in index points (ETFIQ) | 10.0% of 10.0% |
| Days left in period | 52 |
| Expense ratio (issuer page, Sep 11, 2026) | 0.79% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- Does NOVZ have a cap?
- No. NOVZ takes a share of any further rise in SPX, so there is no ceiling on the upside this period.
- How far can NOVZ fall before the buffer helps?
- 4.6% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPX can fall 10.6% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the NOVZ buffer is left?
- 10.0% of the 10.0% buffer sat below the SPX level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does NOVZ reset?
- The outcome period ends on Oct 30, 2026, 52 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.
- What does NOVZ cost?
- The prospectus expense ratio is 0.79% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
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Cite this page. ETFIQ, NOVZ, buffer ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/NOVZ Free to use with attribution; the underlying files are at Open data.