At a glance
LENS charges 0.79% a year. It has $66.5M in assets. Its ten largest positions make up 40.3% of the fund, out of 45 in all.
The short version
Sarmaya Thematic ETF (LENS) is an actively managed fund, not an index fund. Its sub-adviser, Sarmaya Partners, picks 35 to 45 stocks and exchange-traded products tied to broad economic themes that it expects to last five to ten years. As of August 31, 2026, that meant a heavy tilt toward gold, silver and energy, through metal trusts, miners and oil companies. It charges 0.79% a year.
Price history
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LENS — 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 | |
|---|---|---|---|---|---|---|
| LENS price data to Oct 27, 2026 | +6.6% | — | — | — | — | — |
- The deepest fall in its price history was 10.5% (Sep 3, 2026 to Oct 22, 2026), not yet recovered.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 45 securities; the ten largest made up 40.34% of assets, and 4.56% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| SPDR Gold MiniShares Trust | 8.14% | |
| iShares Gold Trust Micro | 5.23% | |
| Chevron Corp | 4.38% | |
| ExxonMobil Holdings Corp | 4.30% | |
| Kinross Gold Corp | 3.70% | |
| iShares Silver Trust | 3.41% | |
| Agnico Eagle Mines Ltd | 3.09% | |
| Gold Fields Ltd | 3.05% | |
| COEUR MINING INC. | 2.56% | |
| SLB Ltd | 2.48% | |
| Hecla Mining Co | 2.42% | |
| Sibanye Stillwater Ltd | 2.40% | |
| Phillips 66 | 2.28% | |
| Range Resources Corp | 2.27% | |
| Skeena Resources Ltd | 2.26% |
By country
United States 53.51%Canada 17.14%South Africa 5.45%Brazil 3.72%United Kingdom 3.62%By asset type
Stocks 95.25%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $9.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -11.98%, +4.47%, +15.70%.
How it works
LENS does not track an index. Sarmaya Partners, LLC, the fund's sub-adviser, uses a macro-focused process to pick an "emerging or prevailing market theme." That means sectors, asset classes or regions it believes are set to grow over a full market cycle. It weighs valuations, growth prospects, the economic outlook, monetary and fiscal policy, and inflation. It expects a theme to last about five to ten years. When the theme changes, the portfolio can change sharply.
Within a theme and its sub-themes, the manager uses fundamental analysis. It looks at measures such as the price-to-earnings ratio, profit margins, return on equity and debt levels to find companies it thinks trade below their true value. It mixes large, steadier companies with smaller, more volatile ones. Portfolio turnover was 52%, according to the prospectus filed March 26, 2026.
The fund aims for 35 to 45 holdings. Some of these can be exchange-traded products (ETPs): other ETFs, commodity trusts or exchange-traded notes. It gets commodity exposure only through ETPs. As of August 31, 2026, about 17.8% of assets sat in other funds, including the SPDR Gold MiniShares Trust and iShares Gold Trust Micro, which hold physical gold, and the iShares Silver Trust. It reaches foreign stocks through ADRs or ETFs, with no limit on foreign holdings. It may use inverse ETFs to bet against a sector, but not leveraged inverse ETFs. It is non-diversified, which means it can put more money into fewer names.
What it really costs
- LENS charges 0.79% 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 $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LENS | $81 | $252 | $439 | $978 |
In a retirement portfolio
LENS is a concentrated, actively managed bet on gold, silver and energy themes with a very short track record, so it fits as a small side position rather than a foundation.
LENS could add exposure to gold, silver and energy, which a broad stock index fund holds only in small amounts. As of August 31, 2026, gold and silver trusts made up about 17% of assets, and miners and oil firms filled much of the rest of the top holdings. The fund launched January 28, 2025, but price figures here begin June 9, 2026. So there is no record through 2008, 2020 or 2022, and no full calendar year. Its deepest drop was about 10.5%, from September 3 to October 22, 2026, and it had not recovered as of October 27, 2026. Anyone who may need to raise cash in a bad year has little history to judge by. It paid no distributions over the 12 months to October 27, 2026, and it costs 0.79% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a manager-picked tilt toward gold, silver and energy, with about 17% in gold and silver trusts as of August 31, 2026.
- People comfortable with a concentrated, non-diversified position: 45 holdings, with the top 10 at about 40% of assets.
- Those willing to pay 0.79% a year for a macro-driven approach whose themes, and holdings, may shift substantially over time.
Look elsewhere if
- Retirees seeking income: LENS paid no distributions over the 12 months to October 27, 2026.
- Investors who want a long track record: no history through the 2008, 2020 or 2022 downturns.
- Investors who prefer a low-cost, rules-based index fund: LENS is actively managed, charges 0.79% and had 52% portfolio turnover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the LENS ETF invest in?
LENS invests in 35 to 45 stocks and exchange-traded products tied to themes chosen by its sub-adviser, Sarmaya Partners. As of August 31, 2026, it held 45 holdings. The largest were SPDR Gold MiniShares Trust (8.14%), iShares Gold Trust Micro (5.23%), Chevron (4.38%), ExxonMobil (4.30%) and Kinross Gold (3.70%). About 54% of assets were in US holdings and about 17% in Canadian ones, with smaller slices in South Africa, Brazil and the UK.
Does LENS pay dividends?
No distributions were paid over the 12 months to October 27, 2026, so its trailing yield was 0%. Any distributions it does make are expected once a year. That fits the fund's goal, which the prospectus gives as long-term capital appreciation, not income. A sizable share of the portfolio sits in gold and silver trusts, which hold metal and pay no income, so this fund is not built to produce regular cash.
What is the LENS expense ratio?
LENS charges 0.79% a year, including a 0.75% management fee, according to its prospectus filed March 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs would total about $81 after one year, $252 after three, $439 after five and $978 after ten. Portfolio turnover was 52%. Trading costs from that turnover are not included in the expense ratio.
Is LENS a gold ETF?
Not exactly, though gold played a big role as of August 31, 2026. LENS is an actively managed thematic fund, and its sub-adviser can change themes over time. On that date, gold and silver trusts (GLDM, IAUM and SLV) made up about 17% of assets. Miners such as Kinross, Agnico Eagle, Gold Fields, Coeur and Hecla added more metals exposure. Oil and energy names like Chevron, ExxonMobil and SLB were also among the top holdings.
How risky is the Sarmaya Thematic ETF?
It carries more risk than a broad stock fund. It is non-diversified, holds 45 positions with about 40% in the top 10, and leans on gold, mining and energy, which can swing sharply. It may also hold inverse ETFs to bet against a sector. Its deepest drop in the available price history was about 10.5%, from September 3 to October 22, 2026. It had not recovered as of October 27, 2026, and it has no record through a bear market.