# TrueShares Structured Outcome (September) ETF (SEPZ): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/sepz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: TrueShares · Asset class: Equity - Strategy: Actively Managed · Inception: 2020-08-31 This actively managed exchange-traded fund (ETF) endeavors to meet its investment objectives predominantly by committing most of its capital to options contracts that derive their value from the S&P 500 Price Index. Its core strategy involves simultaneously purchasing call options and selling put options. These options utilize either the S&P 500 index itself or an ETF tracking the index as their underlying asset. These positions are initiated on each "Initial Investment Day" and are set to mature on the following "Roll Date." The fund is classified as non-diversified. ## Key Facts | Metric | Value | |---|---| | Price | $46.11 | | Expense Ratio | 0.79% | | Assets Under Management | $130.7M | | NAV | $46.59 | | Holdings Count | 7 | | Distribution Yield (TTM) | 2.01% | | Annual Distribution (TTM) | $0.93 /share | | Distribution Frequency | Annual | | 52-Week Range | $39.71 – $47.11 | | Beta | 0.70 | ## Latest Distribution - Amount: $0.9278 /share - Ex-date: 2025-12-24 - Pay date: 2025-12-26 ## Frequently Asked Questions ### What does SEPZ invest in? This actively managed exchange-traded fund (ETF) endeavors to meet its investment objectives predominantly by committing most of its capital to options contracts that derive their value from the S&P 500 Price Index. Its core strategy involves simultaneously purchasing call options and selling put options. These options utilize either the S&P 500 index itself or an ETF tracking the index as their underlying asset. These positions are initiated on each "Initial Investment Day" and are set to mature on the following "Roll Date." The fund is classified as non-diversified. ### What is the expense ratio of SEPZ? TrueShares Structured Outcome (September) ETF (SEPZ) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is SEPZ? TrueShares Structured Outcome (September) ETF (SEPZ) manages $130.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is SEPZ actively managed or an index fund? SEPZ is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (SEPZ's is 0.79%) in exchange for the discretion to over- or under-weight positions. ### When was SEPZ launched? TrueShares Structured Outcome (September) ETF (SEPZ) launched in August 2020 and is managed by TrueShares. ### How has SEPZ performed? SEPZ's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does SEPZ pay a dividend? TrueShares Structured Outcome (September) ETF (SEPZ) currently distributes little or no income. Trailing-twelve-month yield is 2.01%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does SEPZ pay dividends? TrueShares Structured Outcome (September) ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is SEPZ's dividend yield? SEPZ's trailing-twelve-month yield is 2.01%, calculated from the sum of dividends over the past year divided by the current price. ### When is SEPZ's next ex-dividend date? The most recently announced ex-dividend date for SEPZ was 2025-12-24. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will SEPZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.79% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SEPZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from SEPZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SEPZ cost more than a fund like VOO? SEPZ is actively managed (current expense ratio 0.79%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether SEPZ's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to SEPZ? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SEPZ (0.79%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/sepz - Distribution history: https://www.dividenddata.com/funds/sepz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/sepz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/sepz/expenses - Peer comparison: https://www.dividenddata.com/funds/sepz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.