{
 "ticker": "NOVZ",
 "name": "TrueShares Structured Outcome (November) ETF",
 "issuer": "TrueShares",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/NOVZ",
 "html": "https://etfiq.com/funds/NOVZ",
 "markdown": "https://etfiq.com/funds/NOVZ.md",
 "as_of": "2026-09-11",
 "verdict": "As of Sep 11, 2026, NOVZ has no cap on its upside, and resets in 52 days.",
 "key_facts": [
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "uncapped",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NOVZ, can still gain: uncapped, as of Sep 11, 2026."
  },
  {
   "key": "fall_before_the_buffer",
   "label": "Fall before the buffer",
   "value": "4.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NOVZ, fall before the buffer: 4.6%, as of Sep 11, 2026."
  },
  {
   "key": "protection_left_index_points",
   "label": "Protection left, index points",
   "value": "10.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NOVZ, protection left, index points: 10.0%, as of Sep 11, 2026."
  },
  {
   "key": "days_to_reset",
   "label": "Days to reset",
   "value": "52",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NOVZ, days to reset: 52, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$37m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "NOVZ, net assets: $37m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "issuer page, Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "NOVZ, expense ratio: 0.79% (issuer page, Sep 11, 2026)."
  }
 ],
 "fields": [
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPX",
   "source": null
  },
  {
   "key": "buffer",
   "label": "Buffer",
   "value": "10%",
   "source": null
  },
  {
   "key": "outcome_period",
   "label": "Outcome period",
   "value": "Nov 1, 2025 to Oct 30, 2026",
   "source": null
  },
  {
   "key": "starting_cap",
   "label": "Starting cap",
   "value": "uncapped",
   "source": null
  },
  {
   "key": "estimated_upside_participation",
   "label": "Estimated upside participation",
   "value": "81.0% to 83.0%",
   "source": null
  },
  {
   "key": "spx_return_since_period_start",
   "label": "SPX return since period start",
   "value": "+11.9%",
   "source": null
  },
  {
   "key": "fund_return_since_period_start",
   "label": "Fund return since period start",
   "value": "+8.3%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$37m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "band_state_today",
   "label": "Band state today",
   "value": "Uncapped",
   "source": "ETFIQ"
  },
  {
   "key": "can_still_gain",
   "label": "Can still gain",
   "value": "uncapped",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_before_buffer",
   "label": "Fall before buffer",
   "value": "4.6%",
   "source": "issuer, fund price"
  },
  {
   "key": "fall_to_the_buffer_in_index_terms",
   "label": "Fall to the buffer in index terms",
   "value": "10.6%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_in_index_points",
   "label": "Protection left in index points",
   "value": "10.0% of 10.0%",
   "source": "ETFIQ"
  },
  {
   "key": "days_left_in_period",
   "label": "Days left in period",
   "value": "52",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "issuer page, Sep 11, 2026"
  }
 ],
 "periods": [],
 "questions": [
  {
   "q": "Does NOVZ have a cap?",
   "a": "No. NOVZ takes a share of any further rise in SPX, so there is no ceiling on the upside this period."
  },
  {
   "q": "How far can NOVZ fall before the buffer helps?",
   "a": "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."
  },
  {
   "q": "How much of the NOVZ buffer is left?",
   "a": "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."
  },
  {
   "q": "When does NOVZ reset?",
   "a": "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."
  },
  {
   "q": "What does NOVZ cost?",
   "a": "The prospectus expense ratio is 0.79% a year."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}