{
 "ticker": "LENS",
 "name": "Sarmaya Thematic ETF",
 "issuer": "Sarmaya",
 "desk": "themes",
 "url": "https://etfiq.com/funds/lens",
 "html": "https://etfiq.com/funds/lens",
 "markdown": "https://etfiq.com/funds/lens.md",
 "as_of": "2026-09-18",
 "verdict": "LENS holds 43 stocks, and 78% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "21.7%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "LENS, already in the S&P 500: 21.7%, as of Sep 18, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "97.9%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "LENS, active share vs the S&P 500: 97.9%, as of Sep 18, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "42.3%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "LENS, top ten holdings: 42.3%, as of Sep 18, 2026."
  },
  {
   "key": "total_return_1_year",
   "label": "Total return, 1 year",
   "value": "+46.4%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "LENS, total return, 1 year: +46.4%, as of Sep 18, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$53m",
   "source": "SEC filing, whole fund, as filed for May 29, 2026",
   "as_of": "2026-09-18",
   "sentence": "LENS, net assets: $53m (SEC filing, whole fund, as filed for May 29, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "485BPOS XBRL, Mar 26, 2026",
   "as_of": "2026-09-18",
   "sentence": "LENS, expense ratio: 0.79% (485BPOS XBRL, Mar 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Broad innovation and megatrends",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 29, 2025",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "21.7%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "97.9%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "1.7%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "99.7%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "42.3%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "43",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "May 29, 2026",
   "source": "SEC N-PORT"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "SPDR Gold MiniShares Trust 9.0%, iShares Gold Trust Micro 5.8%, iShares Silver Trust 4.2%, Chevron Corp 4.2%, Exxon Mobil Corp 4.2%, Kinross Gold Corp 4.0%, Agnico Eagle Mines Ltd 3.0%, Gold Fields Ltd 2.9%, Equinox Gold Corp 2.5%, SLB Ltd 2.4%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$53m",
   "source": "SEC filing, whole fund, as filed for May 29, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u22129.8%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "485BPOS XBRL, Mar 26, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.81%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "GDX 20%, WR 19%, RING 18%, AUAU 18%, TSES 16%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+12.1%",
   "S&P 500": "+2.3%",
   "Gap to S&P 500": "+9.9 pts",
   "Gap to Nasdaq-100": "+14.6 pts"
  },
  {
   "window": "6 months",
   "Total return": "+6.7%",
   "S&P 500": "+18.0%",
   "Gap to S&P 500": "\u221211.3 pts",
   "Gap to Nasdaq-100": "\u221217.5 pts"
  },
  {
   "window": "1 year",
   "Total return": "+46.4%",
   "S&P 500": "+16.6%",
   "Gap to S&P 500": "+29.8 pts",
   "Gap to Nasdaq-100": "+24.6 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+84.9%",
   "S&P 500": "+29.1%",
   "Gap to S&P 500": "+55.8 pts",
   "Gap to Nasdaq-100": "+45.4 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of LENS is in S&P 500 companies?",
   "a": "By its holdings filed for May 29, 2026, 22% of LENS by weight is stocks the S&P 500 already holds. Its active share against the index is 98%, so that share is the part doing something different."
  },
  {
   "q": "What does LENS hold?",
   "a": "43 positions as filed for May 29, 2026, with the top ten at 42% of the fund. The largest are SPDR Gold MiniShares Trust at 9.0%, iShares Gold Trust Micro at 5.8%, iShares Silver Trust at 4.2%."
  },
  {
   "q": "Has LENS beaten the S&P 500?",
   "a": "Over the year to Sep 18, 2026 LENS returned +46.4% with distributions reinvested, against +16.6% for the S&P 500, so it finished ahead of the index by 29.8 points."
  },
  {
   "q": "What does LENS cost?",
   "a": "The prospectus expense ratio is 0.79% a year. Because 98% of the fund differs from the S&P 500, the fee on that differing part works out at 0.81%."
  }
 ],
 "generated": "2026-09-21",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}