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TRFM

GradeANew York Stock Exchange Arca

AAM Transformers ETF

Themes · AAM · Inception 2022-07-11 · SEC filings

$59.49−0.46 (−0.76%)

As of Sep 23, 2026, 3:15 PM EDT

History starts Jul 12, 2022.
Intraday session: down, 69 prints from 59.95 to 59.49. Range 59.18 to 59.67. Use the arrow keys to read each point.$59.20$59.40$59.6010 AM12 PM2 PM4 PM
Expense ratio
0.49%
Fund size
$280M
1Y return
+22.0%
Yield · Last 12 months
Data unavailable
Holdings
270
Volume · 30D
0M sh
NAV per share
$58.03
52W range
low $43.76high $64.50

The ETF.net TRFM Grade

A

73/ 100

Rank 3 of 31 in Disruptive Innovation⁠

Confidence Medium

Six-pillar profile for TRFM. Scores out of 100: Cost 78, Risk 65, Mission not scored, Tradability 68, Holdings 89, Durability 50. Strongest: Holdings (89). Weakest: Durability (50). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 73 of 100 sits in the A 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.
    AScore 78
    Category rank10/31 · top 32%

  • 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 65
    Category rank8/31 · top 26%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 68
    Category rank7/31 · top 23%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 89
    Category rank1/31 · top 3%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank17/31 · mid-pack

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

Our read on TRFM

ETF.net Research

AMost disruption funds buy the story. TRFM screens for companies actually writing R&D checks, then spreads the theme across a couple hundred US-listed names instead of a concentrated bet on thirty.

Stated mandate

The Fund passively tracks the total return of the Pence Transformers Index before fees and expenses. The index targets U.S.-listed equity securities of companies positioned to benefit from significant changes in consumer behavior and technological innovation.

Why people hold it

  1. 01Candidates are screened on research-and-development spending, so names earn a slot with budget receipts, not just a narrative.nasdaq.com
  2. 020.49% a year, below the typical fee in its disruptive-innovation cohort, and it follows a published index rather than a manager's hunches.
  3. 03Modified equal weighting across a couple hundred holdings keeps any single mega-cap from quietly becoming the whole theme.stockanalysis.com
  4. 04Sits among the strongest implementations in its disruptive-innovation peer group on our review.

Worth knowing

  1. 01Not the cheapest door into the theme. Broader innovation rivals such as KOMP carry a lower expense ratio.
  2. 02Trades thinly next to the category's giants, so the bid-ask spread can matter more to your cost than the fee does.
  3. 03Launched in 2022, so the track record is short, and the index stays US-listed (ADRs count) rather than buying foreign shares directly.stockanalysis.com

TRFM Holdings

As of Sep 20, 2026, 8:43 AM
Asset class
Stocks
Holdings
270
Top-10 weight
8%
Largest holding
AMD0.9%

Sectors

  • Technology55.9%
  • Industrials22.3%
  • Utilities8.3%
  • Consumer Discr.6.1%
  • Communication5.0%
  • Financials1.5%
  • Materials0.4%
  • Cons. Staples0.2%
  • Energy0.2%

Geography

  • United States75.85%
  • Japan4.25%
  • China3.84%
  • Germany1.68%
  • United Kingdom1.50%
  • Netherlands1.43%
  • Canada1.40%
  • Taiwan1.32%
  • Other countries (16)8.73%

Developed 64% · Emerging 36% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 18.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AMDAdvanced Micro Devices Inc0.87%4,390$2M618
002INTCIntel Corp0.86%21,848$2M492
003DELLDell Technologies Inc0.83%3,879$2M427
004COHRCoherent Corp0.82%7,230$2M341
005CRWDCrowdstrike Holdings Inc0.81%9,318$2M454
006SNDKSandisk Corp0.81%1,288$2M450
007BEBloom Energy Corp0.81%8,116$2M304
008METAMeta Platforms Inc0.81%3,279$2M683
009MRVLMARVELL TECHNOLOGY INC0.80%9,155$2M458
010PANWPalo Alto Networks Inc0.80%6,033$2M486
011NETCloudflare Inc0.79%6,720$2M273
012HPEHewlett Packard Enterprise Co0.78%35,118$2M379
013TXNTexas Instruments Inc0.76%7,890$2M497
014ANETArista Networks Inc0.76%10,462$2M490
015MUMicron Technology Inc0.76%2,090$2M655

Showing 1–15 of 264 holdings

TRFM Performance

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

TRFM$12,203
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TRFM $12,203. SPY $11,723. Use the arrow keys to read each point.$8,732$10,948$13,164Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 TRFM. Periods over one year show the average yearly return.
PeriodTRFM
Year to date+25.8%
1 month−0.2%
3 months−4.2%
1 year+22.0%
3 years+31.0%per year
5 yearsFund is under 5 years old—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 TRFM
YearReturn barTRFM
2026 YTD+25.8%
2025+25.8%
2024+19.9%
2023+44.7%
2022−7.4%

History from Jul 12, 2022

TRFM in the news

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

TRFM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.08. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 31, 2025Jan 5, 2026$0.08

TRFM Risk

How much the fund’s monthly returns vary, scaled to a year.
23.5%
Annualised · 36 months to Aug 2026
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.
0.95
vs 3-month T-bills · to Aug 2026
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.
−28.4%
50 months · trough Apr 2025
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.
1.64
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.

TRFM Cost

Expense ratio0.49%
  • The middle half of Disruptive Innovation funds
  • Median 0.65%

4 of the 31 Disruptive Innovation funds charge less.

TRFM costs $49.00 a year on $10,000. The median Disruptive Innovation fund costs $65.00.