Skip to content
etf.net

SEPZ vs TENJ

TrueShares Structured Outcome (September) ETF

SEPZDCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

Expense ratio

TENJ −0.26pt a year

SEPZ0.79%TENJ0.53%

Avg volume · 30D

TENJ 1.8×the volume

SEPZ14KTENJ24.6K

SEPZ vs TENJ Performance

Oct 31, 2025 – Oct 30, 2026

+8.5%SEPZ+11.7%TENJ

Oct 31, 2025 to Oct 30, 2026. SEPZ +8.5%. TENJ +11.7%. Use the arrow keys to read each point.−5%0%5%15%Oct 2025Apr 2026Oct 2026
Expense ratio
SEPZ 0.79%
TENJ 0.53%, better
Fund size
SEPZ $106M
TENJ $47M
1Y total return
SEPZ +8.5%
TENJ +11.7%, better
Yield (12M)
SEPZ 2.03%
TENJ No data
Holdings
SEPZ 6
TENJ 4
Avg volume (30D)
SEPZ 14K sh
TENJ 24.6K sh, better
NAV per share
SEPZ $46.43
TENJ $28.09
52W range

ETF.net Grade

SEPZ: Cost 40, Risk 24, Mission not scored, Tradability 46, Holdings not scored, Durability 49. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for SEPZ, TENJ, with each pillar’s weight
PillarSEPZTENJ
Cost30% weightC40A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightF24C49Higher
Tradability15% weightC46B66Higher
Holdings10% weightNot scoredC51
Durability5% weightC49HigherC41

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SEPZ and TENJ are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

TENJ ranks 3rd and SEPZ 65th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 65DNOVZTrueShares Structured Outcome (November) ETFScore 38
  6. Rank 65DSEPZTrueShares Structured Outcome (September) ETFScore 38
  7. Rank 68DDGJAFT Vest U.S. Equity Buffer & Digital Return ETF - JanuaryScore 37

Our read on each fund

ETF.net Research

SEPZDTrueShares Structured Outcome (September) ETF

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

SEPZ The 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.

TENJ No data

Stated mandate

SEPZ 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.

TENJ No data

Why people hold it

  • SEPZ No 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
  • The 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
  • An 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
  • The 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.

TENJ No data

Worth knowing

  • SEPZ Uncapped 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
  • The 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.
  • Thinly traded, so limit orders matter. Costs also vary widely here: laddered buffer peer BUFB charges 0.10%, versus 0.79% for this one.

TENJ No data

Full SEPZ profile⁠

Full TENJ profile⁠

SEPZ vs TENJ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SEPZ vs TENJ Cost

Overpaying SEPZ vs TENJ

$4,638

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SEPZ 0.79%

    $15,174

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • SEPZ 0.79%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SEPZ $15,174TENJ $10,536

Year by year

YearSEPZTENJOverpaying
10$1,405$953$452
20$5,331$3,658$1,673
30$15,174$10,536$4,638

Expense ratio

  • 0.79%SEPZ
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

SEPZ 34th cheapest of 77 funds

SEPZ vs TENJ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SEPZ 2.03%
TENJ No data
Payout (12M)
SEPZ $0.93
TENJ No data
Last payment
SEPZ $0.93
TENJ $0.07
Ex-dividend
SEPZ Dec 24, 2025
TENJ Dec 23, 2025
Paid on
SEPZ Dec 26, 2025
TENJ Dec 29, 2025
Frequency
SEPZ Annual
TENJ Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

SEPZAnnual · 5 paymentsAll SEPZ payments⁠
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.$0$120232026YTD
TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$120232026YTD

SEPZ vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SEPZ 9.5%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
SEPZ 1.23TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
SEPZ −15.2%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
SEPZ 0.70TENJ 0.63

Popular comparisons

  • SEPZDvsZALTA

    TrueShares Structured Outcome (September) ETF · Innovator U.S. Equity 10 Buffer ETF - Quarterly

    Expense ratio
    0.79% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TENJBvsZALTA

    iShares Large Cap 10% Target Buffer Jun ETF · Innovator U.S. Equity 10 Buffer ETF - Quarterly

    Expense ratio
    0.53% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SEPZDvsAUGPB

    TrueShares Structured Outcome (September) ETF · PGIM S&P 500 Buffer 12 ETF - August

    Expense ratio
    0.79% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TENJBvsAUGPB

    iShares Large Cap 10% Target Buffer Jun ETF · PGIM S&P 500 Buffer 12 ETF - August

    Expense ratio
    0.53% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SEPZDvsSIXJB

    TrueShares Structured Outcome (September) ETF · AllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETF

    Expense ratio
    0.79% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TENJBvsSIXJB

    iShares Large Cap 10% Target Buffer Jun ETF · AllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETF

    Expense ratio
    0.53% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.