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Beacon

NOVZTrueShares Structured Outcome (November) ETF

Stay safeGrow my money5y track recordRanked #246 of 340 in this goal

Seeks to track returns of the S&P 500 Price Index while providing an 8% to 12% buffer against losses over a twelve-month period.

By TrueShares · Launched 2020

Annual Cost

0.79%

#4,047 of 5,562 · expensive

Fund Size

$31M

#4,011 of 5,562 · small

Dividend YieldGoal

3.31%

Track Record

5 years

#2,225 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,872+18.7%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Price Return Index

What it actually holds

By weight

Concentration

Top 4 holdings = 86.3% of fundconcentrated

Treasury Bill
82.7%
The Options Clearing Corp
6.4%
STATE STREET INSTITUTIONAL US
0.3%
The Options Clearing Corp
-3.1%

Asset allocation

Bonds
90.9%
Cash
9.1%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
9.7%Low

Year-on-year price swings

Max drawdown
-16.6%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
1.00Decent risk-adjusted returns
Sortino (3Y)
1.45Good downside protection

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to track returns of the S&P 500 Price Index while providing an 8% to 12% buffer against losses over a twelve-month period.
Strategy
Invests primarily in options on the S&P 500 Price Index, employing a buffer protect options strategy. Purchases call options and sells put options to mitigate declines while seeking exposure to the index's performance.
Inception date
October 30, 2020
Fund family
TrueShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

Buffer ETF — downside protection at a cost

Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.

Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)

Why we flagged this: strategy=structured_outcome + structured_outcome_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19