Launch Roundup
First Trust listed six income ETFs at 0.85%, and the new fund flagged its own conflict
TCW Transform Systems ETF
$105.46−0.34 (−0.32%)
- 0.75%
- $1.5B
- +8.7%
- 0.06%
- 0.1M sh
- $105.76
- low $90.58high $123.23
The ETF.net PWRD Grade
C
Score 48 out of 100
- 9 of 21
Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F20 out of 100Rank 16 of 21Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B56 out of 100Rank 9 of 21Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A88 out of 100Rank 1 of 21Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 11 of 18Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A73 out of 100Rank 5 of 21
Our read on PWRD
CA concentrated global bet on the machinery of energy: roughly 30 companies tied to how the world sources, produces and consumes power. Broader than a solar index, and far narrower than a sector fund.
The fund seeks long-term capital growth by investing in companies expected to benefit from worldwide changes in the systems used to source, produce, and consume energy and power.
Why people hold it
- One idea, roughly 30 stocks, worldwide. The mandate covers the whole chain (sourcing, production, consumption), so it reaches well beyond power generators.
- A multi-billion-dollar fund that trades at moderate volume: unusual heft for a single-theme portfolio this narrow.
- Trading since 2022, so there is a multi-year live record to judge instead of a backtest.
Worth knowing
- At 0.75% a year, it costs more than the typical global thematic ETF. Cheaper options sit in the same group, including KLMT at 0.10% and IQSZ at 0.19%.
- With roughly 30 holdings, a handful of names steer the outcome, and a single-theme portfolio can look nothing like a broad global index.
- Payouts come once or twice a year. The stated goal is long-term capital growth, not income.
PWRD Holdings
- Stocks
- 30
- 50%
- GE
Geography
- United States75.58%
- Ireland7.45%
- France5.16%
- Netherlands3.79%
- Taiwan (Province of China)3.30%
- Canada2.06%
- Germany1.46%
- Sweden1.18%
Developed 86% · Emerging 14%
PWRD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
PWRD$10,866
Returns run to the Oct 12, 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.
| Period | PWRD |
|---|---|
| Year to date | +10.1% |
| 1 month | −1.9% |
| 3 months | −8.1% |
| 1 year | +8.7% |
| 3 years | +27.2% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PWRD |
|---|---|---|
| 2026 YTD | +10.1% | |
| 2025 | +32.8% | |
| 2024 | +28.6% | |
| 2023 | +20.8% | |
| 2022 | −2.6% |
PWRD in the news
PWRD Dividends
- 0.06%
- $0.06
- $0.06 per share
- Annual
Distribution history
PWRD Risk
- 22.0%
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.
- 1.02
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.
- −25.9%
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.
- 1.19
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PWRD Cost
0.75%
PWRD0.75%
- The middle half of Global Thematic funds
- Median 0.58%
15 of the 21 Global Thematic funds charge less.
Other funds in Global Thematic
- CMAKXProShares - S&P Kensho Smart Factories ETFExpense ratio 0.58%1 year return +33.7%
- CTINYProShares - Nanotechnology ETFExpense ratio 0.58%1 year return +58.1%
- CTHMZLazard Equity Megatrends ETFExpense ratio 0.60%1 year return +11.0%
- CCOPXGlobal X - Copper Miners ETFExpense ratio 0.65%1 year return +44.9%
- CPRNTThe 3D Printing ETFExpense ratio 0.66%1 year return +10.7%