TrueShares Technology, AI Deep Learning ETF
Active ETF
LRNZ
Price as of:
$35.99
- $0.08
- 0.21%
Primary Theme
fund company
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-5.8%
1 yr return
41.0%
3 Yr Avg Return
-7.6%
5 Yr Avg Return
N/A
Net Assets
$46 M
Holdings in Top 10
59.1%
52 WEEK LOW AND HIGH
$36.1
$24.44
$41.22
Expenses
OPERATING FEES
Expense Ratio 0.68%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
LRNZ - Profile
Distributions
- YTD Total Return -5.8%
- 3 Yr Annualized Total Return -7.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.67%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameTrueShares Technology, AI Deep Learning ETF
-
Fund Family NameTrueShares
-
Inception DateFeb 28, 2020
-
Shares Outstanding675000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJordan Waldrep
Fund Description
The Fund is an actively-managed exchange-traded fund (“ETF”) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in the common stock of technology, artificial intelligence and deep learning companies. The Fund generally considers a company to be a technology, artificial intelligence and/or deep learning company if it derives 50% or more of its revenues or profits from the development, advancement and/or use of technology, including artificial intelligence-and/or deep learning-related technologies, or if it has committed 50% or more of its research and development-dedicated capital to the development, advancement and/or use of such technology, each measured at the time of investment. In addition, Black Hill Capital Partners, LLC, the Fund’s sub-adviser (“Black Hill” or the “Sub-Adviser”), seeks to select companies that have a competitive advantage with respect to the development and utilization of artificial intelligence, machine learning, or other deep learning technologies. “Artificial intelligence,” or AI, refers to the development or use by a business of computer systems that perform tasks previously requiring human intelligence such as decision-making or audio or visual identification or perception. “Machine learning” refers to technologies that enable a computer to “learn” from data it has processed to incorporate different assumptions or past experience into future computations or analyses. “Deep learning” refers to a more advanced level of “learning” and involves minimal human interference at the beginning of the learning process.
The Sub-Adviser selects companies for the Fund’s portfolio by assessing whether the company’s business is a secular growth business, a cyclical growth business, or a newly public company and then evaluates the value and growth prospects for each company using the following criteria.
•Secular Growth Companies - Companies that do not closely track a seasonal or cyclical trend. In selecting such companies for the Fund’s portfolio, the Sub-Adviser seeks companies that it believes are in the best position to succeed in what is a very competitive technology space. Research on these companies is also continuously augmented with information from additional sources such as Wall Street sell-side investment banks (e.g., Merrill Lynch, Morgan Stanley, etc.) and other
proprietary information sources from many parts of the technology sector. The Sub-Adviser expects to establish buy-and-hold positions in these companies and does not expect significant turnover of these companies within the portfolio. The Sub-Adviser expects to let these investments grow over time from positive trends in their sector, market positioning and superior products. The Fund will likely invest in secular growth companies to a greater extent than in cyclical growth or newly public companies.
•Cyclical Growth Companies - Companies that are known for following the cycles of an economy through expansion, peak, recession, and recovery. Most cyclical stocks belong to companies that sell non-essential items consumers can afford to buy more of during a booming economy. These stocks are also from companies that consumers choose to spend less with or cut back on during a recession. In selecting such companies for the Fund’s portfolio, the Sub-Adviser utilizes fundamental analysis, with an emphasis on revenue growth, margins, and select balance sheet items which it believes are more consistent indicators of cyclical bottoms. The Fund will seek to sell its cyclical growth holdings when their margins peak in the economic cycle.
•Newly Public Companies - Companies that have recently gone through an initial public offering (“IPO”) and are now publicly traded on a stock exchange. In selecting such companies for the Fund’s portfolio, the Sub-Adviser follows developments in the private market to seek to identify companies that will fit the Fund’s investment profile at the time of their IPO. When a new company that fits the Fund’s investment profile enters the market via an IPO, the Sub-Adviser will generally seek to build the Fund’s position in that company over the course of a four to six month period following the IPO.
The Sub-Adviser expects that the Fund’s portfolio will be primarily composed of common stock of U.S. companies, although the portfolio may include common stock of non-U.S. companies from time to time. The Fund’s portfolio is expected to typically be comprised of the 20 to 30 most attractive securities based on the Sub-Adviser’s analysis.
The Sub-Adviser anticipates keeping a significant portion of the Fund’s portfolio in cash (up to 20%) during periods when the Sub-Adviser believes it is merited. These cash positions will be utilized to purchase securities when the Sub-Adviser identifies an event-based investment opportunity in a secular growth company that has driven down share prices but will not, in the Sub-Adviser’s opinion, impact the secular nature of the company. The cash positions also may be used in the event of a bear market or an instance in which the Sub-Adviser believes that the market is experiencing a valuation correction (i.e., a move that is not reflected in overall economic data).
After initial purchase, company weightings will typically fluctuate with the market. The Sub-Adviser will manage inflows and outflows (i.e., fluctuations in Fund assets from creations and redemptions of Fund shares) by referencing existing stock weights coupled with its view of a company’s forward rate of return potential.
While many portfolio holdings will have a larger capitalization, the Fund may also invest in small and medium capitalized companies, as TrueMark Investments, LLC (the “Adviser”), the Fund’s investment adviser, believes these relatively smaller companies may provide above average capital appreciation and dividend yield.
The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund.
The Fund will concentrate at least 25% of its investments in one or more industries within the Information Technology Sector. While the Fund’s exposure to the industries within the Information Technology Sector may vary over time, as of March 31, 2022, the Fund’s holdings are concentrated within the Software Industry. For purposes of this policy, each sector and industry is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard & Poor’s Financial Services LLC.
LRNZ - Performance
Return Ranking - Trailing
| Period | LRNZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -5.8% | -20.9% | 19.0% | 95.11% |
| 1 Yr | 41.0% | -19.9% | 75.0% | 49.78% |
| 3 Yr | -7.6%* | -34.5% | 23.7% | 81.90% |
| 5 Yr | N/A* | -11.6% | 30.4% | 64.98% |
| 10 Yr | N/A* | -0.2% | 26.7% | 83.15% |
* Annualized
Return Ranking - Calendar
| Period | LRNZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 67.1% | -5.6% | 96.9% | 4.02% |
| 2022 | -51.5% | -73.9% | -16.4% | 90.05% |
| 2021 | -1.1% | -44.6% | 51.5% | 67.73% |
| 2020 | N/A | 5.5% | 154.1% | N/A |
| 2019 | N/A | -3.0% | 63.7% | N/A |
Total Return Ranking - Trailing
| Period | LRNZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -5.8% | -20.9% | 19.0% | 95.11% |
| 1 Yr | 41.0% | -19.9% | 75.0% | 49.78% |
| 3 Yr | -7.6%* | -34.5% | 23.7% | 81.90% |
| 5 Yr | N/A* | -11.6% | 30.4% | N/A |
| 10 Yr | N/A* | -0.2% | 26.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | LRNZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 67.1% | -2.3% | 96.9% | 5.36% |
| 2022 | -51.5% | -67.5% | -5.9% | 95.48% |
| 2021 | -1.0% | -17.8% | 59.2% | 88.18% |
| 2020 | N/A | 17.5% | 157.5% | N/A |
| 2019 | N/A | 7.5% | 66.9% | N/A |
LRNZ - Holdings
Concentration Analysis
| LRNZ | Category Low | Category High | LRNZ % Rank | |
|---|---|---|---|---|
| Net Assets | 46 M | 4.67 M | 81.2 B | 87.61% |
| Number of Holdings | 23 | 10 | 319 | 99.12% |
| Net Assets in Top 10 | 21.7 M | 1.42 M | 40.5 B | 88.05% |
| Weighting of Top 10 | 59.13% | 11.5% | 100.0% | 19.47% |
Top 10 Holdings
- NVIDIA Corp. COM USD0.001 7.19%
- Samsara Inc COM CL A 6.74%
- Crowdstrike Holdings Inc COM USD0.0005 CL A 6.58%
- First American Funds Inc. TREAS OBLIGS X 6.54%
- Snowflake Inc CL A 6.23%
- Elastic NV COM EUR0.01 5.48%
- Advanced Micro Devices, Inc. COM USD0.01 5.48%
- SentinelOne Inc CL A 5.25%
- Zscaler Inc COM USD0.001 4.98%
- Datadog Inc COM USD0.00001 CL A 4.67%
Asset Allocation
| Weighting | Return Low | Return High | LRNZ % Rank | |
|---|---|---|---|---|
| Stocks | 93.41% | 0.00% | 103.06% | 96.90% |
| Cash | 6.59% | -0.14% | 26.97% | 7.96% |
| Preferred Stocks | 0.00% | 0.00% | 7.72% | 55.31% |
| Other | 0.00% | -0.04% | 26.87% | 60.62% |
| Convertible Bonds | 0.00% | 0.00% | 0.40% | 46.46% |
| Bonds | 0.00% | 0.00% | 90.88% | 47.35% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | LRNZ % Rank | |
|---|---|---|---|---|
| Technology | 77.11% | 2.80% | 100.00% | 32.30% |
| Healthcare | 12.60% | 0.00% | 25.57% | 6.19% |
| Communication Services | 5.62% | 0.00% | 97.05% | 70.80% |
| Consumer Cyclical | 4.67% | 0.00% | 32.97% | 60.18% |
| Utilities | 0.00% | 0.00% | 5.17% | 45.13% |
| Real Estate | 0.00% | 0.00% | 15.05% | 58.41% |
| Industrials | 0.00% | 0.00% | 38.68% | 82.74% |
| Financial Services | 0.00% | 0.00% | 38.36% | 84.96% |
| Energy | 0.00% | 0.00% | 1.24% | 44.25% |
| Consumer Defense | 0.00% | 0.00% | 5.64% | 50.00% |
| Basic Materials | 0.00% | 0.00% | 2.38% | 49.12% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | LRNZ % Rank | |
|---|---|---|---|---|
| US | 93.41% | 0.00% | 103.06% | 62.83% |
| Non US | 0.00% | 0.00% | 58.19% | 72.57% |
LRNZ - Expenses
Operational Fees
| LRNZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.68% | 0.08% | 6.86% | 75.11% |
| Management Fee | 0.68% | 0.03% | 1.95% | 40.27% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 16.13% |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| LRNZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| LRNZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| LRNZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.69% | 281.00% | N/A |
LRNZ - Distributions
Dividend Yield Analysis
| LRNZ | Category Low | Category High | LRNZ % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 7.84% | 59.73% |
Dividend Distribution Analysis
| LRNZ | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| LRNZ | Category Low | Category High | LRNZ % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.67% | -2.30% | 2.08% | 65.77% |
Capital Gain Distribution Analysis
| LRNZ | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
LRNZ - Fund Manager Analysis
Managers
Jordan Waldrep
Start Date
Tenure
Tenure Rank
Jun 01, 2020
2.0
2.0%
Jordan Waldrep brings over 15 years of investment experience to TrueMark. Previously, Mr. Waldrep was the Senior Portfolio Manager of the Vice President and Co-Portfolio Manager of the Navigator Fund at USA Mutuals. Mr. Waldrep has over 18 years of investment experience. He was the portfolio manager of Blackfin Capital ("Blackfin") from March 2014 through August 2017. Prior to Blackfin, he was an analyst and trader at Hourglass Capital since 2008. Mr. Waldrep is a member of the CFA Institute and the CFA Society of Dallas and Fort Worth. He is a Chartered Financial Ananlyst. Mr. Waldrep received a BA in Biology and History from Texas A&M University and an MBA from the University of Texas McCombs School of Business.
Sangbum Kim
Start Date
Tenure
Tenure Rank
Jul 06, 2020
1.9
1.9%
Sangbum Kim has been in the investment management industry for over 25 years, specializing in investment, research and analysis of secular growth companies, largely in technology related sectors. Prior to founding BH Capital Partners, Sam was a Senior Analyst at Amerindo Investment Advisors, a top-tier Wall Street investment management company that focused on investing in long term secular growth companies in the science and technology sectors. During his tenure at Amerindo, in addition to covering newly public companies, Sam was also active in analyzing and investing in late stage private companies. Prior to his financial career, Sam acquired first-hand knowledge in designing large scale, real-time software and communication systems as a Systems Analyst/Consultant at Teledyne Browne Engineering and a Software Systems Engineer at Raytheon Corporation. Sam received a BS in Bio-Medical Engineering; a MS in Computer Engineering from Boston University; and a MS in Management from the Sloan School of Management at MIT.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 32.43 | 8.4 | 1.41 |