What is NOVZ?

NOVZ aims for specific buffered losses on the S&P 500 over a specific holdings period with uncapped gains, subject to strategy costs. The actively-managed fund holds options and collateral.

PERFORMANCE [as of 11/29/22] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
NOVZ 1.10% 0.10% -7.80% -6.14% -- -- --
NOVZ (NAV) 1.12% 0.29% -7.81% -6.00% -- -- --
No Underlying Index -- -- -- -- -- -- --
MSCI USA Large Cap Index 1.18% -1.89% -17.19% -15.47% 9.67% 10.62% 13.04%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

NOVZ Factset Analytics Insight

NOVZ uses options in an effort to moderate losses on the S&P 500 over a one-year period starting each November. The fund foregoes some upside return as well as any dividend component because the options are written on the price (not total) return version of the index. While aiming to prevent realization of the first 8-12% of the S&P 500s losses, the fund also allows for uncapped upside participation (less the cost options), making it unique from other buffer ETFs with a stated cap on potential gains. Investors who buy at any other time than the annual reset day may have a very different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held to the end of the period to achieve the intended results. The targeted buffers do not include the funds expense ratio. The fund is actively managed, resets annually and will utilize both FLEX and listed options. Prior to August 9, 2021 the fund traded under the ticker NVMZ.

NOVZ Summary Data

11/02/20
0.79%
$10.76M
No Underlying Index
MSCI USA Large Cap Index
Open-Ended Fund

Peers

MSCI USA Large Cap Index

Fund Flows

-$0.00B 5 Days
-$0.00B 30 Days
-$0.00B 90 Days

NOVZ Portfolio Data

--
--
--
0.56%
N/A
--

NOVZ Index Data

No Underlying Index
Fixed
Fixed
MSCI USA Large Cap Index

NOVZ Portfolio Management

0.79%
--
--
--

NOVZ Tax Exposures

20.00% / 39.60%
--
Ordinary income
No

NOVZ Fund Structure

Open-Ended Fund
No
No
-- / --
N/A
N/A
High
Daily

Factset Analytics Block Liquidity

As of 11/30/22

This measurement shows how easy it is to trade a $1 million USD block of NOVZ. NOVZ is rated a N/A out of 5.

NOVZ Tradability

2,440
$72.73K
223
$6.17K
0.30%
$0.09
-0.03%
0.38% / -0.63%
None
--
25,000
0.01
0.03%
--
0
$30.76
N/A

NOVZ Sector/Industry Breakdown

NOVZ Segment
Benchmark
87.43% --
7.33% --
5.24% --

NOVZ Top 10 Holdings

87.41%
7.33%
4.92%
0.35%
100.00%

NOVZ Performance Statistics

0.96
0.72
0.77
0.71
0.48%
MSCI USA Large Cap Index

NOVZ Benchmark Comparison Holdings

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--
--
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NOVZ Benchmark Comparison Summary

NOVZ Segment
Benchmark
-- --
-- --
-- --
-- --
-- --
Low --

NOVZ Benchmark Comparison Market Cap Size

NOVZ Segment
Benchmark
-- --
-- --
-- --
-- --

Options Strategies for Outcome Investing

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.