ETF Evaluator:
Sarmaya Thematic ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Global Large-Stock Blend Over the Last Year
| 48.9% | Sarmaya Thematic ETF (LENS) |
| 33.3% | AXS Green Alpha ETF (NXTE) |
| 30.2% | AXS Knowledge Leaders ETF (KNO) |
| 29.8% | First Eagle Global Equity ETF (FEGE) |
| 28.9% | Invesco Global Equity Net Zero ETF (IQSZ) |
Risk
Index
Risk
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ETF Details
Sarmaya Thematic ETF Overview
Sarmaya Thematic ETF (LENS) is an actively managed International Equity Global Large-Stock Blend exchange-traded fund (ETF). Sarmaya Partners, LLC launched the ETF in 2025.
The investment seeks to achieve long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that will invest primarily in domestic and foreign equity securities of companies considered by Sarmaya Partners, LLC, the sub-adviser to the fund (the “Sub-Adviser”), to reflect an emerging or prevailing market theme. The Sub-Adviser defines “emerging or prevailing market theme” as market sectors, asset classes, or regions that are believed to be poised for future growth through the market cycle (i.e, the period of time between two major lows for a market. The fund is non-diversified.
About Sarmaya Thematic ETF (LENS)
There are 1 members of the management team with an average tenure of 1.50 years: Wasif Latif (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Sarmaya Thematic ETF has 45 securities in its portfolio. The top 10 holdings constitute 45.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Sarmaya Thematic ETF is part of the Equity global asset class and is within the International Equity ETF group. Sarmaya Thematic ETF has 32.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.8% There is 32.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Sarmaya Thematic ETF has 8.3% of the portfolio in cash.
Assets Under Management
The fund has $56 million in total assets, which is below the $2 billion average for the Global Large-Stock Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LENS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Sarmaya Thematic ETF expense ratio is above average compared to funds in the Global Large-Stock Blend category. Sarmaya Thematic ETF has an expense ratio of 0.79%, which is 61% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Sarmaya Thematic ETF has a portfolio turnover rate of 52%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, Sarmaya Thematic ETF returned 4.5%, which earned it a grade of A, as the Global Large-Stock Blend category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Sarmaya Thematic ETF has a trailing yield of 1.53%, which is below the 1.66% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Sarmaya Thematic ETF Grades
Year to date, the ETF has returned 4.9%, 4.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 48.9% over the past year (grade of A).
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LENS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LENS Return (NAV) | 4.5% | -10.5% | 48.9% | na | na | na |
| LENS Return (Price) | 4.4% | -10.4% | 48.9% | na | na | na |
| NAV +/- Price Return | 0.040% | -0.037% | 0.012% | na | na | na |
| Global Large-Stock Blend Avg | 0.0% | 3.1% | 19.1% | 15.1% | 8.5% | 11.5% |
| LENS Grade (NAV) | A | F | A | na | na | na |
| +/- Category (NAV) | 4.4% | -13.5% | 29.8% | na | na | na |
| LENS Tax-Cost Ratio | na | na | 0.6% | na | na | na |
LENS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LENS Return (NAV) | 4.9% | na | na | na | na | na | na | na | na | na | na |
| LENS Return (Price) | 4.8% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.020% | na | na | na | na | na | na | na | na | na | na |
| Global Large-Stock Blend Avg | 9.2% | 20.4% | 13.8% | 18.7% | -17.7% | 17.3% | 18.3% | 26.8% | -9.1% | 23.4% | 8.1% |
| LENS Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.3% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 57 Mil |
| Share Class Assets: | $ 57 Mil |
| Turnover: | 52.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Latif Wasif (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 45.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 32.2% |
Portfolio Allocation |
|
| Domestic Stock: | 40.8% |
| Foreign Stock: | 32.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 18.6% |
| Cash: | 8.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Sarmaya Partners, LLC |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | January 28, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.49% |
