SEPZ Fees and Costs — TrueShares Structured Outcome (September) ETF
Data updated: 2026-08-27
The net expense ratio is 0.79%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $54K in broker commissions, 0.0704% of average net assets, and portfolio turnover was 0%.
SEPZ Fees and Expenses
Annual operating expenses and sales charges of SEPZ. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.79% |
| Fee waiver | — |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SEPZ Costs Over Time
On $10,000 invested in SEPZ, assuming 5% a year before costs, total costs come to $540 over 5 years, cutting the return by 0.90% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.79%) | $83 | $259 | $450 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $296 | $540 |
| Value after costs | $10,410 | $11,280 | $12,223 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
SEPZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0704%
- Total broker commissions: $54K
- Bought from dealers (principal trades, not a cost): $217.0M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
SEPZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $54K | 100.00% |
SEPZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $217.0M | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.