At a glance
LRNZ charges 0.68% a year, above the 0.14% average of the 3 funds most like it (the most expensive of 4). It has $41.9M in assets, the 4th largest of that group. Over the past year it returned +29.8% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +33.8% a year. At its worst it fell 47.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 41 months after the low. Its ten largest positions make up 48.7% of the fund, out of 24 in all.
The short version
TrueShares Technology, AI & Deep Learning ETF (LRNZ) is an actively managed fund holding a concentrated portfolio of 20 to 30 technology, artificial intelligence and deep learning stocks picked by sub-adviser Black Hill Capital Partners. It charges 0.68% a year, far more than broad growth funds such as Vanguard Growth ETF (0.04%). It has also swung hard: it fell 51.4% in 2022 and paid no distributions in the year through October 27, 2026.
Price history
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LRNZ +29.8% 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 | |
|---|---|---|---|---|---|---|
| LRNZ official prospectus, to Dec 31, 2025 | — | +22.23% | — | +0.04% | — | +11.70% |
| LRNZ price data to Oct 27, 2026 | +36.7% | +29.8% | +33.8% | +5.5% | — | +15.3% |
- Over the year to Oct 27, 2026, LRNZ returned +29.8%, 1st of 4 among similar funds.
- Its 5-year annualized return was +5.5%.
- Its worst full calendar year was 2022 (-51.5%); its best was 2023 (+67.1%).
- The deepest fall in its price history was 61.3% (Nov 9, 2021 to Jan 5, 2023), recovered by May 26, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +36.7% | — |
| 2025 | +22.3% | +22.23% |
| 2024 | +2.0% | +67.08% |
| 2023 | +67.1% | +1.98% |
| 2022 | -51.5% | -51.44% |
| 2021 | -1.0% | -0.90% |
| 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 | Lost 46.1% over that stretch · deepest drop along the way 47.4%, back to its old high 40.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2021 | $0.0600 |
What's inside
As of Jun 30, 2026, the fund held 24 securities; the ten largest made up 48.73% of assets.
| Holding | Weight | |
|---|---|---|
| Cloudflare Inc | 5.79% | |
| Natera Inc | 5.46% | |
| Crowdstrike Holdings Inc | 5.40% | |
| Vicor Corp | 4.74% | |
| Palo Alto Networks Inc | 4.72% | |
| Guardant Health Inc | 4.71% | |
| Datadog Inc | 4.65% | |
| Snowflake Inc | 4.60% | |
| Advanced Micro Devices Inc | 4.35% | |
| Micron Technology Inc | 4.32% | |
| Structure Therapeutics Inc | 4.30% | |
| Sandisk Corp | 4.25% | |
| Broadcom Inc | 4.21% | |
| ARM Holdings PLC | 4.05% | |
| MongoDB Inc | 3.98% |
By country
United States 90.79%Cayman Islands 4.3%United Kingdom 4.05%By asset type
Stocks 99.14%By sector
Sectors of the companies held, for the 61.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.21%, +33.02%, +6.93%.
How it works
LRNZ does not track an index. It is actively managed. TrueMark Investments is the adviser, and Black Hill Capital Partners, the sub-adviser, picks the stocks. Under normal conditions, at least 80% of net assets goes into common stock of technology, AI and deep learning companies. A company qualifies if at least half its revenue or profit comes from developing or using such technology, or if it puts at least half its research budget toward it. Black Hill also looks for firms with a competitive edge in AI and machine learning.
The manager sorts companies into three groups. Secular growth companies, whose growth does not follow the economic cycle, make up the largest share and are bought to hold for the long run. Cyclical growth companies are judged on revenue growth and margins, and the fund aims to sell them when margins peak. Newly public companies are bought gradually over four to six months after their IPO (initial public offering).
The portfolio usually holds 20 to 30 mostly U.S. stocks. Weights are not reset on a schedule. After purchase they drift with the market. The manager can hold up to 20% in cash during downturns or to buy after price drops, though cash was 0.9% as of June 30, 2026. The fund is non-diversified, meaning it can put more money into a single company than a diversified fund. The prospectus reports portfolio turnover of 16%.
What it really costs
- LRNZ charges 0.68% a year, versus an average of 0.14% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $846 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LRNZ | $69 | $218 | $379 | $846 |
In a retirement portfolio
A concentrated, higher-cost fund of about two dozen growth stocks that pays no income and lost more than half its value in 2022 fits as a small side position, not a foundation.
LRNZ could add a small, focused bet on AI-related software, chip and health-technology companies alongside a broad core fund. Its history shows the cost of that bet. It launched on February 28, 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. It fell 46.1% during the 2022 bear market, and 2022 was its worst calendar year at -51.4%. Its deepest drop, 61.3% from November 9, 2021 to January 5, 2023, was not recovered until May 26, 2026, about 41 months after the low. Anyone who had to sell shares in 2022 to cover living costs would have locked in steep losses. It paid no income in the year through October 27, 2026, and costs 0.68% a year, or $69 in the first year on $10,000 in the SEC's standard example. 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
- Investors with a broad core portfolio who want a small, actively picked stake in about two dozen AI-related stocks such as Cloudflare and CrowdStrike.
- Long-horizon holders who could sit through a drop like the 61.3% fall from November 2021 to January 2023 without needing to sell.
- Those wanting AI exposure that differs from QQQ, sharing about 26% of holdings and including health-tech names such as Natera and Guardant Health.
Look elsewhere if
- Retirees who need portfolio income: LRNZ made no distributions in the year through October 27, 2026.
- Cost-conscious investors: its 0.68% expense ratio compares with 0.20% for QQQ and 0.04% for Vanguard Growth ETF.
- Anyone who may need to sell in a downturn: it lost 51.4% in 2022 and had a one-year beta of 1.92 as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does LRNZ pay a dividend?
No. LRNZ made no distributions in the year through October 27, 2026, so its trailing yield was 0%. Its holdings are mostly growth companies such as Cloudflare, CrowdStrike and Datadog, which tend to put profits back into the business rather than pay dividends. Any return comes from price changes, so investors who want cash from it would have to sell shares.
What's the difference between LRNZ and QQQ?
LRNZ is an actively managed fund that held 24 stocks as of June 30, 2026, chosen for their links to AI and deep learning. QQQ is far larger, with about $490 billion in net assets against about $42 million for LRNZ, and the two share about 26% of their holdings. QQQ costs 0.20% a year, against 0.68% for LRNZ. LRNZ returned 29.8% over one year through October 27, 2026, against 10.8% for QQQ through October 30, 2026, but LRNZ has been much more volatile.
Is LRNZ good for retirement?
LRNZ is a high-risk fund that may suit only a small slice of a retirement portfolio. It lost 51.4% in 2022, and its deepest drop of 61.3% took until May 26, 2026 to recover. It pays no income and costs 0.68% a year. The prospectus shows an average annual return of 0.04% over the five years ended December 31, 2025, even though some later years were strong.
What stocks are in LRNZ?
As of June 30, 2026, LRNZ held 24 stocks, and the top 10 made up 48.7% of assets. The largest were Cloudflare (5.8%), Natera (5.5%), CrowdStrike (5.4%), Vicor (4.7%), Palo Alto Networks (4.7%) and Guardant Health (4.7%). It also owned Datadog, Snowflake, AMD, Micron, Broadcom and ARM Holdings. About 91% was in U.S. companies, and the prospectus says the fund was concentrated in the software industry as of March 31, 2026.
What is the LRNZ expense ratio?
LRNZ's expense ratio is 0.68% a year, according to its prospectus filed April 30, 2026. All of it is management fee, and there is no fee waiver. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $69 after one year, $379 after five years and $846 after ten. Funds with overlapping holdings charge less: QQQ charges 0.20%, iShares Russell 1000 Growth ETF 0.19% and Vanguard Growth ETF 0.04%.