ETF Evaluator:
TrueShares Structured Outcome Sep ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
TrueShares Structured Outcome Sep ETF Overview
TrueShares Structured Outcome Sep ETF (SEPZ) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). TrueShares launched the ETF in 2020.
The investment seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period.
The fund is an actively-managed ETF that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. It will purchase call options and sell put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index on each Initial Investment Day with an expiration on the next Roll Date.
About TrueShares Structured Outcome Sep ETF (SEPZ)
There are 1 members of the management team with an average tenure of 2.25 years: Jeffrey Feldman (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 PR index with a weighting of 100%. TrueShares Structured Outcome Sep ETF has 17 securities in its portfolio. The top 10 holdings constitute 88.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
TrueShares Structured Outcome Sep ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. TrueShares Structured Outcome Sep ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). TrueShares Structured Outcome Sep ETF has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $127 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SEPZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TrueShares Structured Outcome Sep ETF expense ratio is high compared to funds in the Defined Outcome category. TrueShares Structured Outcome Sep ETF has an expense ratio of 0.80%, which is 12% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. TrueShares Structured Outcome Sep ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, TrueShares Structured Outcome Sep ETF returned -0.2%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
TrueShares Structured Outcome Sep ETF has a trailing yield of 2.05%, which is above the 0.48% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
TrueShares Structured Outcome Sep ETF Grades
Year to date, the ETF has returned 7.3%, 1.4 percentage points better than the category, which translates into a grade of B. The fund has returned 14.3% over the past year (grade of B), 14.1% over the past three years (grade of A) and 10.5% per year over the past five years (grade of A).
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SEPZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SEPZ Return (NAV) | -0.2% | 3.0% | 14.3% | 14.1% | 10.5% | na |
| SEPZ Return (Price) | -0.4% | 3.1% | 14.1% | 14.1% | 10.6% | na |
| NAV +/- Price Return | 0.217% | -0.015% | 0.201% | -0.037% | -0.019% | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| SEPZ Grade (NAV) | F | B | B | A | A | na |
| +/- Category (NAV) | -0.4% | 0.9% | 3.1% | 2.3% | 1.9% | na |
| SEPZ Tax-Cost Ratio | na | na | 0.9% | 1.2% | 0.8% | na |
SEPZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SEPZ Return (NAV) | 7.3% | 12.8% | 18.4% | 17.7% | -8.3% | 21.4% | na | na | na | na | na |
| SEPZ Return (Price) | 7.1% | 13.2% | 18.3% | 17.9% | -8.5% | 21.8% | na | na | na | na | na |
| NAV +/- Price Ret | -0.029% | 0.032% | -0.009% | 0.012% | 0.020% | 0.017% | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| SEPZ Grade (NAV) | B | B | A | C | C | A | na | na | na | na | na |
| +/- Category | 1.4% | 1.4% | 6.0% | -0.8% | 0.4% | 11.7% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.76 |
| R-Squared: | 99% |
| Standard Deviation: | 10.0% |
| Category Risk Index: | 1.33 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.81 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.1% |
| Total Assets: | $ 128 Mil |
| Share Class Assets: | $ 128 Mil |
| Turnover: | na |
| Expense Ratio: | 0.80% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.3 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Feldman Jeffrey (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 17 |
| % in Top 10 Holdings: | 88.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | TrueShares |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 31, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.80% (Rating: High) |
| Category Average Expense Ratio (%): | 0.72% |
