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FRWD

GradeBNASDAQ

Nomura Transformational Technologies ETF

Themes · Nomura · Inception 2018-11-30 · SEC filings

$32.73−0.34 (−1.04%)

As of Sep 23, 2026, 2:14 PM EDT

History starts Jan 13, 2026.History starts Jan 13, 2026.
Intraday session: down, 32 prints from 33.07 to 32.73. Range 32.50 to 33.00. Use the arrow keys to read each point.$32.60$32.80$33.0010 AM12 PM2 PM4 PM
Expense ratio
0.65%
Fund size
$286M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0.1M sh
NAV per share
$32.62
52W range
low $21.57high $34.75

The ETF.net FRWD Grade

B

59/ 100

Rank 10 of 31 in Disruptive Innovation⁠

Confidence Medium

Six-pillar profile for FRWD. Scores out of 100: Cost 55, Risk 66, Mission not scored, Tradability 75, Holdings 37, Durability 63. Strongest: Tradability (75). Weakest: Holdings (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank12/31 · top 39%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 66
    Category rank7/31 · top 23%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 75
    Category rank4/31 · top 13%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 37
    Category rank25/31 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank11/31 · top 35%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

FRWD Holdings

As of Sep 21, 2026, 4:04 AM
Asset class
Stocks
Holdings
—
Top-10 weight
54%
Largest holding
NVDA9.5%

Sectors

  • Technology74.2%
  • Consumer Discr.14.0%
  • Industrials6.1%
  • Communication5.8%

Geography

  • United States73.52%
  • Taiwan6.28%
  • Canada5.34%
  • Netherlands4.58%
  • South Korea4.18%
  • Uruguay3.52%
  • Sweden2.56%

Developed 47% · Emerging 53% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NVDANVIDIA CORP COMMON STOCK9.47%118,605$26M828
002AMDADVANCED MICRO DEVICES7.41%36,820$21M618
003STXSEAGATE TECHNOLOGY6.43%20,838$18M434
004TSMTAIWAN SEMICONDUCTOR6.19%39,616$17M268
005LRCXLAM RESEARCH CORP COMMON5.01%48,410$14M591
006ASMLASML HOLDING NV NY REG4.56%7,548$13M199
007005930.KSSAMSUNG ELECTRONICS CO4.02%59,302$11M176
008AVGOBROADCOM INC COMMON STOCK3.75%29,228$10M732
009WDCWESTERN DIGITAL CORP3.74%23,607$10M478
010MSFTMICROSOFT CORP COMMON3.71%20,934$10M792
011TXNTEXAS INSTRUMENTS INC3.64%37,983$10M497
012MUMICRON TECHNOLOGY INC3.40%9,321$9M655
013GOOGLALPHABET INC-CL A -3.40%27,081$9M704
014MELIMERCADOLIBRE INC COMMON3.23%5,036$9M225
015DASHDOORDASH INC COMMON STOCK3.21%46,302$9M339

Showing 1–15 of 27 holdings

FRWD Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FRWD$9,667
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. FRWD $9,667. SPY $10,415. Use the arrow keys to read each point.$8,316$9,462$10,608Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FRWD. Periods over one year show the average yearly return.
PeriodFRWD
Year to dateHistory unavailable—
1 month+2.7%
3 months−3.3%
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FRWD
YearReturn barFRWD
2026 YTD+32.8%

History from Jan 13, 2026

FRWD in the news

ETF.net Research hasn’t filed on FRWD yet — coverage lands here as it’s written.

FRWD Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

FRWD Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
No data available
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.14
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FRWD Cost

Expense ratio0.65%
  • The middle half of Disruptive Innovation funds
  • Median 0.65%

11 of the 31 Disruptive Innovation funds charge less.

FRWD costs $65.00 a year on $10,000. The median Disruptive Innovation fund costs $65.00.