Performance Review: SEPZ Lags S&P 500 But Delivers Double-Digit Annual Gains Since Inception Over the past year, SEPZ posted a 21.66% market price return, trailing the S&P 500’s 26.89%. Since inception, the ETF’s returns have consistently reached double digits, underscoring its appeal for risk-averse investors seeking moderate growth with downside protection, despite not fully matching broad market rallies.32