There is actually…the last version update was October 5th and is version 1.5.0. Updating depends on how you got the theme. If you purchased the single download, you can use the same download link that you used when you first downloaded the theme. If you have a Theme Membership, or plan to upgrade to one, you would do it from a menu link “Downloads” on the top main menu (easier access).
This Update info should give a quick idea how a theme is updated: Update Blog