What Is the SEPZ ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The TrueShares Structured Outcome September ETF (SEPZ) starts a new 12-month outcome period every September and uses an options strategy to cushion part of any downside loss. Comparing its fees and buffer levels with peers and related products such as BUFR and SFLR is the key to an informed investment decision.
SubscribeWhat Is the TrueShares Structured Outcome September ETF?
This is a structured outcome (buffer) ETF that uses FLEX options on the S&P 500 Price Index to provide a defined downside buffer over a 12-month outcome period that begins every September.
It suits moderate-risk investors who want to keep participating in index gains while gaining a measure of protection against losses in down markets.
The ETF is managed by TrueShares using an active management approach.
How Do You Invest in the TrueShares Structured Outcome September ETF?
| Item | Details |
|---|---|
| Tracked index | S&P 500 Price Index (FLEX option based) |
| Management style | Active (options-based structured strategy) |
| Outcome period reset | Once a year (September) |
| Distribution frequency | Once a year |
| Total expense ratio | 0.79% |
A new 12-month outcome period begins every September. Through a combination of FLEX options on the S&P 500 Price Index, the fund cushions losses within a defined range, while gains are subject to a cap. If you buy partway through the outcome period, the buffer and cap may differ from the originally set levels.
- Outcome period structure that resets every September
- An options-centered portfolio instead of traditional stock holdings
TrueShares Structured Outcome September ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $104.2M, and the total expense ratio (Expense Ratio) is 0.79% per year.
Peer buffer ETFs such as BUFR and SFLR differ in buffer size, cap, and fee terms, so it is important to check the conditions at the start of the outcome period.
TrueShares Structured Outcome September ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven the nature of an options-based structured product, the fund tends to reflect the underlying index only gradually and within a certain range: the buffer helps during declines within the outcome period, while the cap constrains returns during sharp rallies.
Investor interest in the buffer and structured outcome ETF category as a whole has continued, and when market volatility rises, demand for downside protection tends to flow in as well.
TrueShares Structured Outcome September ETF Pros and Cons
Its strength is that it cushions a certain amount of loss in down markets, while its weakness is that the cap limits returns relative to the index in rising markets.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the TrueShares Structured Outcome September ETF
BUFR, BUFD, BUFQ, and others shown in the table are buffer ETFs that hold multiple monthly outcome periods in a laddered fashion, while SFLR, PJAN, and others are structured products with different buffering methods, such as managed floor and power buffer. Within the same TrueShares series, you can also consider versions with other outcome periods that start in different months, such as JANZ, AUGZ, and OCTZ, so it is important to choose the outcome period that fits your purchase timing.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BUFR | FT Vest Laddered Buffer ETF | $37.27 | -0.3% | $10.9B | 0.95% | - | +10.4% |
 SFLR | Innovator Equity Managed Floor ETF | $38.63 | -0.3% | $2.2B | 0.89% | 0.25% | +4.8% |
 BUFD | FT Vest Laddered Deep Buffer ETF | $30.27 | -0.3% | $2.2B | 0.95% | - | +8.7% |
 BUFQ | FT Vest Laddered Nasdaq Buffer ETF | $38.91 | -0.8% | $1.7B | 1.00% | - | +9.9% |
 FJAN | FT Vest U.S. Equity Buffer ETF - January | $56.26 | -0.3% | $1.5B | 0.85% | - | +11.1% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 BNO | United States Brent Oil Fund LP | 0.97% | $65.95 | -7.6% | $0.0M | - | - |
 USLM | United States Lime & Minerals Inc | 0.87% | $118.99 | +6.6% | $3.4B | 25.6 | 0.2% |
 MYMK | State Street My2031 Municipal Bond ETF | 0.00% | $24.64 | -0.1% | $0.0M | - | 2.61% |
Investor Checkpoints for the TrueShares Structured Outcome September ETF
These are the points to review before investing in SEPZ. Unlike a typical passive ETF, a structured buffer product makes it especially important to check your purchase timing, the outcome period terms, and the buffer and cap levels.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Compare the fee level with typical passive ETFs | Active structured product fee applies |
| 📅 Outcome period timing | Check whether it is just after the September reset or mid-period | Terms change if bought mid-period |
| 📊 Buffer and cap levels | Check the currently applicable downside buffer and upside cap | Verification needed |
| 🔁 Alternative comparison | Compare terms with products for other target months in the same series | JANZ, AUGZ, OCTZ, and others available |
If you buy during the outcome period, buffer and cap terms different from the original settings may apply. In sharply rising markets, the cap may limit returns relative to the index, and the complexity inherent in an options structure should also be considered.
This structured outcome product suits investors who want to keep participating in index gains while protecting against declines, and the exact buffer and cap terms at the time of purchase should be verified first.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
Today's 5 AI picks, all free