At a glance
SEPZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $125.9M in assets, the 8th largest of that group; it paid 2.0% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.7% with distributions reinvested, 7th of those 8 funds; over three years it returned +17.9% a year. At its worst it fell 15.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The short version
TrueShares Structured Outcome (September) ETF (SEPZ) holds options on the S&P 500 Price Index, backed mostly by Treasury bills. It aims to track the index while absorbing the first 8% to 12% of losses over each September-to-August period. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. With about $126 million in net assets as of June 30, 2026, it is the smallest in its peer group.
Price history
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SEPZ +9.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SEPZ official prospectus, to Dec 31, 2025 | — | +12.76% | — | +11.85% | — | +12.38% |
| SEPZ price data to Oct 27, 2026 | +9.9% | +9.7% | +17.9% | +10.4% | — | +11.8% |
- Over the year to Oct 27, 2026, SEPZ returned +9.7%, 7th of 8 among similar funds.
- Its 5-year annualized return was +10.4%.
- Its worst full calendar year was 2022 (-8.5%); its best was 2024 (+18.3%).
- The deepest fall in its price history was 15.2% (Jan 4, 2022 to Jun 16, 2022), recovered by Jun 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +13.2% | +12.76% |
| 2024 | +18.3% | +18.43% |
| 2023 | +17.9% | +17.72% |
| 2022 | -8.5% | -8.34% |
| 2021 | — | +21.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.9% over that stretch · deepest drop along the way 15.2%, back to its old high 11.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9300 | -32.6% |
| 2024 | $1.3800 | +16.0% |
| 2023 | $1.1900 | +495.0% |
| 2022 | $0.2000 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 87.39% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 87.39% |
By country
United States 87.39%By issuer
US Treasury 87.39%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.17%, +4.50%, -1.20%.
How it works
SEPZ is an actively managed ETF from TrueMark Investments, LLC. Rather than owning stocks, it trades options on the S&P 500 Price Index (which excludes dividends) or an ETF tracking it. On each September roll date, it sells (writes) puts with a strike price about 8% to 12% below the index, aiming for 10%. That gap is the buffer: the puts cost the fund only if the index ends below the strike. The premium buys "at-the-money" calls, struck near the starting level, which gain if the index rises. All options expire on the next roll date.
Over a full period, index losses up to the buffer are designed not to reach the fund (before fees), and deeper losses should be 8 to 12 percentage points smaller. The fund may not match the index's gains: put premium relative to call cost sets its exposure, and the gap could be substantial. Buying mid-period may not deliver the full buffer.
As of June 30, 2026, a US Treasury bill maturing August 6, 2026 was about 87% of net assets. Options were about 13%, mostly one call on the SPY ETF expiring August 31, 2026. The fund favors European-style FLEX options: customized exchange-traded contracts, guaranteed by the Options Clearing Corporation, that can be exercised only at expiration.
What it really costs
- SEPZ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SEPZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers S&P 500 exposure with a cushion against moderate yearly declines, in exchange for giving up some upside and the index's dividends.
SEPZ could soften moderate stock market losses. The 2022 bear market is its only major test so far. The fund fell 15.2% from January 4 to June 16, 2022, and took about 12 months to recover, by June 13, 2023. That drop was larger than the buffer range because the buffer is measured from each September start date, not from a high partway through the period. Its worst calendar year was 2022, at -8.34% according to the prospectus. The fund's history begins after the 2008 crisis and the 2020 COVID crash, so neither tested it. Selling in a downturn could still lock in losses.
SEPZ paid $0.93 a share over the 12 months to October 27, 2026, a 2% yield. It pays once a year. Under the SEC's standard example, its 0.79% expense ratio costs $81 in the first year on $10,000. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a cushion against the first 8% to 12% of losses over each September-to-August period.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio ties for lowest among eight similar funds, against a 0.86% average for its peers.
- Investors able to buy near the September 1 roll date and hold to August 31, when the buffer works as designed.
Look elsewhere if
- Investors who want the stock market's full gains: SEPZ's gains may be well below the index's, and S&P 500 dividends aren't included.
- Investors who need regular income: SEPZ paid $0.93 per share once a year, a 2% trailing yield as of October 27, 2026.
- Investors who prefer larger funds: at about $126 million in net assets, SEPZ is the smallest of the eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SEPZ this fund | 0.79% | $125.9M | +9.7% | +17.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does SEPZ protect against stock market losses?
Partly. SEPZ seeks to absorb the first 8% to 12% of S&P 500 Price Index losses, aiming for 10%, before fees. Each period runs from September 1 to August 31. Losses beyond that range pass through to shareholders. There is no guarantee, and buyers who enter mid-period may get less protection. In the 2022 bear market, the fund fell 15.2% from its January 4 peak to its June 16 low.
What is the SEPZ expense ratio?
SEPZ charges 0.79% a year, all of it a management fee, according to the prospectus filed April 30, 2026. That is below the 0.86% average for seven similar buffer funds and matches Innovator's PJAN and PDEC. In the SEC's standard example, $10,000 earning 5% a year would cost $81 after one year, $439 after five years and $977 after ten.
How has SEPZ performed since launch?
As of December 31, 2025, SEPZ returned 12.76% over one year, 11.85% a year over five years and 12.38% a year since its August 31, 2020 launch, according to its prospectus. Calendar-year returns were 21.47% in 2021, -8.34% in 2022, 17.72% in 2023, 18.43% in 2024 and 12.76% in 2025. Its share price rose 9.7% in the year to October 27, 2026, seventh of eight similar funds.
What's the difference between SEPZ and BUFR?
Both are buffer ETFs. SEPZ resets its buffer once a year, each September. BUFR, the FT Vest Laddered Buffer ETF, is laddered, meaning it spreads its holdings across several start dates. That makes it less dependent on when you buy. BUFR is much larger, at about $10.5 billion as of August 31, 2026, and costs more: 0.95% versus 0.79%. To October 27, 2026, BUFR returned 11.6% over one year versus SEPZ's 9.7%. Over three years, SEPZ led, at 17.9% a year versus 16.8%.
Does SEPZ pay a dividend?
Yes, once a year. SEPZ paid $0.93 per share over the 12 months to October 27, 2026, a 2% trailing yield. The fund holds Treasury bills and options, not stocks. It tracks a price-only index, so dividends from S&P 500 companies don't flow through to shareholders. Payout amounts can vary from year to year, so SEPZ is not built to be a steady income source.