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SEPZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (September) ETF

Buffered · TrueShares · Inception 2020-08-31

$46.42−0.25 (−0.54%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 53 prints from 46.67 to 46.42. Range 46.26 to 46.62. Use the arrow keys to read each point.$46.30$46.50$46.6010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$131M
1Y return
+12.4%
Yield · Last 12 months
1.99%
Holdings
5
Volume · 30D
0M sh
NAV per share
$46.65
52W range
low $39.71high $47.11

The ETF.net SEPZ Grade

D

35/ 100

Rank 67 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for SEPZ. Scores out of 100: Cost 40, Risk 23, Mission not scored, Tradability 32, Holdings not scored, Durability 51. Strongest: Durability (51). Weakest: Risk (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 35 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank58/77 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 23
    Category rank71/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 32
    Category rank57/77 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 51
    Category rank35/77 · top 45%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on SEPZ

ETF.net Research

DThe buffered fund that skips the cap. SEPZ aims to absorb the first 8% to 12% of S&P 500 price losses over a 12-month period starting each September, and leaves the upside open instead of selling it off for a ceiling.

Stated mandate

The fund seeks returns that track the S&P 500 Price Return Index while providing protection against the first 8% to 12% of losses over a twelve-month period.

Why people hold it

  1. 01No upside ceiling. Most buffered funds trade away gains above a set cap; SEPZ keeps the upside open and pays for its cushion with less than full participation in a rally.true-shares.comtrue-shares.com
  2. 02The contract is spelled out: buffer the first 8% to 12% of S&P 500 Price Index losses over a twelve-month outcome period, with the adviser targeting 10%, then reset each September.true-shares.com
  3. 03An original. TrueShares launched the uncapped buffer format in 2020, and SEPZ has run its September-to-September series since that first year.true-shares.com
  4. 04The 0.79% expense ratio sits right at the median for shallow-buffer S&P 500 funds, so the uncapped design does not carry a premium price inside its group.

Worth knowing

  1. 01Uncapped is not one-for-one. Option costs mean the fund captures only part of an S&P 500 price move, and the reference is the price index, so dividends sit outside the math.true-shares.com
  2. 02The buffer is a target range, not a fixed figure, and it is measured over the full twelve months. Shares bought mid-period carry a different cushion and a different starting point.
  3. 03Thinly traded, so limit orders matter. Costs also vary widely here: laddered buffer peer BUFB charges 0.10%, versus 0.79% for this one.

SEPZ Holdings

As of Sep 20, 2026, 6:44 AM
Asset class
Stocks
Holdings
5
Top-10 weight
103%
Largest holding
TREASURY BILL B 08/05/2795.9%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 08/05/2795.90%128,877,000$124M8
002—SPY 08/31/27 C767.06 Euro Cash Flex6.86%1,411$9M1
003—BROKER SWEEP0.11%137,591$138K14
004—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.08%100,525$101K23

Showing 1–4 of 4 holdings

SEPZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SEPZ$11,241
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SEPZ $11,241. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SEPZ. Periods over one year show the average yearly return.
PeriodSEPZ
Year to date+10.3%
1 month+0.6%
3 months+2.8%
1 year+12.4%
3 years+16.8%per year
5 years+11.1%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SEPZ
YearReturn barSEPZ
2026 YTD+10.3%
2025+13.2%
2024+18.3%
2023+17.9%
2022−8.5%
2021+21.8%
2020+6.0%

History from Sep 1, 2020

SEPZ in the news

ETF.net Research hasn’t filed on SEPZ yet — coverage lands here as it’s written.

SEPZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
1.99%Last 12 months
Payout per share
$0.93Last 12 months
Last payment
$0.93 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 29, 2021 $0.02; Dec 29, 2022 $0.20; Dec 27, 2023 $1.19; Dec 27, 2024 $1.38; Dec 24, 2025 $0.93. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.93
Dec 27, 2024Dec 30, 2024$1.38
Dec 27, 2023Dec 29, 2023$1.19
Dec 29, 2022Jan 3, 2023$0.20
Dec 29, 2021Dec 31, 2021$0.02

SEPZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.04
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−15.2%
Trough Jun 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.71
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SEPZ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

SEPZ costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.