Any events in sequencer fire at frame 0 when set to looping

Any active events fire at frame 0 when the sequence loops

1. Create a new sequence and add it to your level
2. Inside the sequence, create an event around the middle
3. In 4.11, name it in the details pane. In 4.12, right click and name it under properties
4. Select the sequence in your level
5. Set it to loop indefinitely (-1 in 4.12) and to Auto Play
6. In the level Blueprint, create a custom event and name it the same as your Sequence event
7. Hook it up to a print string
8. PIE

Result: The event will fire at the expected times, but the event will also fire at the start of the sequence loop.
Expected: Doesn't fire at loop

Also see attached project