At a glance
ERNZ charges 3.25% a year. It has $5.6M in assets; it paid 3.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.2% with distributions reinvested (S&P 500: +11.5%).
The short version
TrueShares Active Yield ETF (ERNZ) is an actively managed fund that aims to pay a higher yield than the S&P 500 by owning 50 to 150 income-producing investments, including stocks, real estate investment trusts and closed-end funds. It picks them with computer models, including AI tools, and its yearly costs run a high 3.25% of assets. Its March 31, 2026 holdings report showed 99.54% in cash and about $5.6 million in net assets.
Price history
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ERNZ +2.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ERNZ price data to Oct 27, 2026 | +4.9% | +2.2% | — | — | — | +0.6% |
- Over the year to Oct 27, 2026, ERNZ returned +2.2%.
- Its worst full calendar year was 2025 (-6.4%); its best was 2025 (-6.4%).
- The deepest fall in its price history was 14.1% (Feb 20, 2025 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.9% |
| 2025 | -6.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1700 | |
| 2025 | $2.0400 |
What's inside
As of Mar 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 99.54% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Mar 31, 2026, investors withdrew a net $54.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.34%, +2.24%, -1.52%.
How it works
ERNZ doesn't track an index. Its adviser, TrueMark Investments, and sub-adviser, Wealth Builder Funds, choose from more than 16,000 securities, including common stocks, real estate investment trusts (REITs), business development companies (BDCs, which invest in smaller and private companies), closed-end funds and other ETFs. Screens for liquidity (how easily a security trades), financial viability and minimum price cut that to several thousand.
Software, including non-generative AI that follows fixed rules rather than creating content, ranks the survivors on factors such as yield, volatility (price swings) and how they move relative to each other. The resulting model portfolios are refined into 50 to 150 holdings; the prospectus doesn't spell out how each is weighted. The models rerun monthly, and reported turnover of 138% signals heavy trading. The managers seek lower volatility than the broad market and cite a stop-loss process for exiting falling positions. As a non-diversified fund, it can concentrate in fewer names. Its prospectus describes no options strategy.
Owning other funds adds wrinkles: when ERNZ holds a BDC, shareholders also bear that company's expenses, and closed-end funds can trade below the value of their assets. The expense ratio (yearly cost as a share of assets) is 3.25%, including a 0.75% management fee. Holdings can shift sharply: the March 31, 2026 report showed 99.54% of assets in cash.
What it really costs
- ERNZ charges 3.25% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $328 in the first year and $3,549 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ERNZ | $328 | $1,001 | $1,698 | $3,549 |
In a retirement portfolio
It aims for a meaningfully higher yield than the S&P 500 and pays quarterly, though high costs and a mostly cash portfolio at its March 31, 2026 report weaken that case.
ERNZ launched in April 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, brought a 6.44% loss. Its deepest drop, 14.1% from February 20 to April 8, 2025, had not recovered as of October 27, 2026. A retiree needing more cash than distributions provided near that low would have had to cash out shares at depressed prices.
Its quarterly payouts in the year to October 27, 2026 added up to a 3.47% yield. But its 3.25% expense ratio nearly matches that yield; the SEC's standard example puts costs at $328 in the first year on $10,000. With 99.54% of assets in cash on March 31, 2026, past payouts may not reflect future ones. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers drawn to its goal of out-yielding the S&P 500; it yielded 3.47% over the year to October 27, 2026, paid quarterly.
- Investors wanting one fund that can mix stocks, REITs, business development companies and closed-end funds, picked by active managers rather than an index.
- Those comfortable with a model-driven process, including AI data tools, that also aims for lower volatility than the broad stock market.
Look elsewhere if
- Cost-conscious investors: the 3.25% expense ratio means $328 in costs over the first year on $10,000 in the SEC's standard example.
- Anyone wanting a fully invested, sizable fund: on March 31, 2026, it held 99.54% cash and about $5.6 million in net assets.
- Those wanting a long record: it launched in April 2024, and its 14.1% drop in early 2025 hadn't recovered by October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does ERNZ pay monthly dividends?
No. ERNZ pays distributions quarterly. In the year to October 27, 2026, it paid $0.74 a share, a trailing yield of 3.47%. That figure looks backward, though. The fund's March 31, 2026 holdings report showed 99.54% of assets in cash, so future payouts may differ from past ones. Its stated goal is a meaningfully higher yield than the S&P 500, not a fixed payout.
Why is ERNZ's expense ratio so high?
It's high because costs beyond its 0.75% management fee bring the total expense ratio (yearly cost as a share of assets) to 3.25%, per its June 2025 prospectus. The prospectus notes that when the fund owns business development companies, shareholders also bear those companies' expenses, and funds held in the portfolio carry their own fees. In the SEC's standard example, $10,000 earning 5% a year would incur $328 in costs over one year, $1,001 over three, $1,698 over five and $3,549 over ten.
What are ERNZ's top holdings?
As of its March 31, 2026 holdings report, ERNZ held 99.54% of assets in cash, so it had no sizable stock or fund positions. Its strategy normally holds 50 to 150 income-producing securities, such as common stocks, real estate investment trusts, business development companies and closed-end funds. Net assets were about $5.6 million then, and net outflows totaled about $54.6 million over the prior three months. Its price-based return was 0% over the six months to October 27, 2026. The issuer's latest filings may clarify the fund's status.
Is ERNZ good for retirement income?
It may suit some income seekers, but it carries clear drawbacks for retirees. It pays quarterly, with a trailing yield of 3.47% as of October 27, 2026, yet its 3.25% expense ratio nearly matches that. It launched in April 2024, lost 6.44% in 2025, and its 14.1% drop from February to April 2025 hadn't recovered by October 27, 2026. Its small size and mostly cash portfolio on March 31, 2026 add uncertainty. Past results don't predict future ones.
Is ERNZ a covered call ETF?
No. ERNZ's prospectus describes no options strategy. Covered call funds write call options on their holdings, collecting premiums (upfront payments) for extra income but giving up some gains when markets rally. ERNZ instead seeks yield from the securities it owns, such as stocks, REITs, BDCs and closed-end funds, chosen with its managers' models. Its income therefore depends on those holdings' payouts, and its 3.25% expense ratio weighs on what shareholders receive.