SEPZ vs ZALT

SEPZDTrueShares Structured Outcome (September) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

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.

ZALT The defined-outcome trade on a three-month clock: ZALT follows SPY up to a cap and buffers the first 10% of a decline, then resets both every quarter. Four fresh caps a year, at a fee under the shallow-buffer median.

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.

ZALT The fund seeks to follow SPY's return up to a predetermined cap while providing a 10% downside buffer over each three-month outcome period. It may be held indefinitely, with the defined outcomes resetting at the end of each period.

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.

• ZALT Resets on a quarterly clock: a new cap is set the first day of each calendar quarter and the 10% buffer starts over. Can be held indefinitely, no rolling into a new ticker.sec.govcboe.com
• At 0.69% it undercuts the going rate for 10% buffer funds on the S&P 500, where peers like SIXZ, JULT and BJUN charge 0.74% to 0.79%.
• The cushion is built from FLEX options on SPY itself, so the thing you are hedged against is the same fund most investors already watch.sec.gov
• Sits among the stronger implementations in its shallow-buffer peer group on cost and ease of trading.

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.

• ZALT Three months of upside buys a lower ceiling. Each quarter's cap is priced off three-month options, so it lands well below what a 12-month buffer fund can offer.sec.gov
• Buy mid-quarter and you inherit whatever cap and buffer are left, not the full 10%. The prospectus says so plainly.sec.gov
• The fee comes out of the cushion: with the 0.69% fee counted, the prospectus puts the net buffer at 9.82% per period. No distributions so far, so return shows up in price.sec.gov

Full SEPZ profile⁠

Full ZALT profile⁠