SEPZ
TrueShares Structured Outcome (September) ETF
SEPZ aims for specific buffered losses on the S&P 500 over a specific holdings period with uncapped gains, subject to strategy costs. The actively-managed fund holds options and collateral.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
113.5 M
ASSETS UNDER MGMT
79 bp
EXPENSES
Fund Basics
| Fund sponsor | TrueMark Investments |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Aug 31, 2020 |
| Assets (mns) | $113 |
| Expense ratio | 79 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY BILL 08/07/2025 | 90.5 % |
| SPY 08/29/2025 563.68 C | 9.4 % |
| CASH & OTHER | 0.2 % |
| SPY 08/29/2025 507.31 P | -0.1 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 4.4% | 6.8% | 10.4% | 12.0% | -- | -- | -- | 10.1% |
| Dividend Yield | 0.0% | 0.0% | 1.9% | 1.6% | -- | -- | -- | 1.0% |
| Total Returns | 4.4% | 6.8% | 12.3% | 13.6% | -- | -- | -- | 11.1% | Ann. Volatility | 18.2% | 15.8% | 12.6% | 12.8% | -- | -- | -- | 13.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.75 | 98% |
| MSCI EAFE | 0.52 | 50% |
| MSCI Emg Mkts | 0.36 | 25% |
Liquidity Measures
| Avg. volume (000) | 8 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.25% |
Technical Indicators
| Recent close | $40.03 |
| 30d moving avg. | $39.20 |
| Annualized volatility | 12.1% |
| Relative strength (RSI) | 62 |
| Short interest | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| SEPZ (79 bp) Percentile rank | 26 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SEPZ | 79.0 | 25.2 | 104.2 |
| Peer Avg. | 94.4 | 33.5 | 127.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .