ARKK vs TRFM: Grades, Fees and Holdings Compared

ARK Innovation ETF

ARKKCCboe

AAM Transformers ETF

TRFMANYSE Arca

Overlap

10.3%by weight

Expense ratio

TRFM −0.26pt a year

ARKK0.75%TRFM0.49%

Avg volume · 30D

ARKK 119.8×the volume

ARKK4.8MTRFM40.1K

ARKK vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

−9.2%ARKK+5.8%TRFM

Expense ratio: ARKK 0.75%; TRFM 0.49%, better
Fund size: ARKK $7.92B; TRFM $313M
1Y total return: ARKK −9.2%; TRFM +5.8%, better
Yield (12M): ARKK 0.00%; TRFM No data
Holdings: ARKK 46; TRFM 266
Avg volume (30D): ARKK 4.8M sh, better; TRFM 40.1K sh
NAV per share: ARKK $80.84; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for ARKK, TRFM, with each pillar’s weight
Pillar	ARKK	TRFM
Cost30% weight	F22	A81Higher
Mission25% weight	B59	Not scored
Risk15% weight	F16	B66Higher
Tradability15% weight	A94Higher	A70
Holdings10% weight	D32	A89Higher
Durability5% weight	A90Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. ARKK and TRFM are both graded against the same 30 Disruptive Innovation funds, so their Grades compare head to head.

Disruptive Innovation⁠

Category · 30 funds

See all 30 ›

TRFM ranks 3rd and ARKK 19th of 30 funds in the Disruptive Innovation Category.

Rank 1AXTiShares Future Exponential Technologies ETFScore 86
Rank 2AKOMPState Street SPDR S&P Kensho New Economies Composite ETFScore 83
Rank 3ATRFMAAM Transformers ETFScore 74
Rank 4AXITKState Street SPDR FactSet Innovative Technology ETFScore 73
Rank 18CLOUPInnovator Deepwater Frontier Tech ETFScore 42
Rank 19CARKKARK Innovation ETFScore 41
Rank 19CKNOAXS Knowledge Leaders ETFScore 41

Our read on each fund

ETF.net Research

ARKKCARK Innovation ETF

TRFMAAAM Transformers ETF

In short

ARKK The headline act of thematic investing. Since 2014, ARKK has run an actively managed portfolio of US and foreign companies tied to disruptive innovation, aiming for long-term capital growth with no index to hide behind.

TRFM Most 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

ARKK The fund seeks long-term capital growth through an actively managed portfolio invested primarily in domestic and foreign equity securities connected to disruptive innovation.

TRFM 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

ARKK Genuinely active: managers pick domestic and foreign stocks connected to disruptive innovation and target long-term capital growth, rather than tracking a theme index.ark-funds.com
Very actively traded and multi-billion-dollar in size, so getting in and out tends to be easier than with the thinner funds on the innovation shelf.
Launched in 2014, it is one of the longest-running funds in a category where themes get packaged and shelved fast.

TRFM Candidates are screened on research-and-development spending, so names earn a slot with budget receipts, not just a narrative.nasdaq.com
0.49% a year, below the typical fee in its disruptive-innovation cohort, and it follows a published index rather than a manager's hunches.
Modified equal weighting across a couple hundred holdings keeps any single mega-cap from quietly becoming the whole theme.stockanalysis.com
Sits among the strongest implementations in its disruptive-innovation peer group on our review.

Worth knowing

ARKK At 0.75%, it charges above the 0.65% typical for its peer group, and index-based takes on the same theme run cheaper (KOMP at 0.20%, XT at 0.46%).
Active and growth-focused, it ranks among the most volatile funds in its disruptive-innovation peer group. Expect a bumpy ride.
A capital-growth mandate, not an income one: shareholder return comes from share price, with no regular distribution schedule.

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

Full ARKK profile⁠

Full TRFM profile⁠

ARKK vs TRFM Holdings

How ARKK and TRFM differ

Overlap by weight

10.3%

Shared holdings make up 45.2% of ARKK and 10.3% of TRFM.

Level by level

Holdings18 in both10.3%
Sector10 Sectors49.6%
Countryby domicile82.5%
Asset classEquity100%

Sector

Sector weights in ARKK and TRFM, widest gap first
Sector	More in ARKKMore in TRFM	ARKK	TRFM
Health Care	ARKK +30.1 points	30.1%	0.0%
Technology	TRFM +29.8 points	26.7%	56.5%
Financials	ARKK +14.4 points	16.0%	1.6%
Industrials	TRFM +10.0 points	11.5%	21.5%
Utilities	TRFM +8.9 points	0.0%	8.9%
Consumer Discretionary	ARKK +5.9 points	11.8%	5.9%
Communication	TRFM +1.0 points	3.9%	4.9%
Materials	TRFM +0.3 points	0.0%	0.3%
Consumer Staples	TRFM +0.3 points	0.0%	0.3%
Energy	TRFM +0.2 points	0.0%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in ARKK and TRFM, widest gap first
Country	More in ARKKMore in TRFM	ARKK	TRFM
United States	ARKK +11.5 points	90.8%	79.3%
Japan	TRFM +4.4 points	0.0%	4.4%
Switzerland	ARKK +4.1 points	4.8%	0.7%
China	TRFM +3.2 points	0.0%	3.2%
Germany	TRFM +2.1 points	0.0%	2.1%
Canada	ARKK +1.9 points	3.3%	1.4%
Netherlands	TRFM +1.2 points	0.0%	1.2%
France	TRFM +1.1 points	0.0%	1.1%
Other countries (12)	TRFM +5.6 points	1.1%	6.7%

Concentration

Weight in the 10 largest Holdings

ARKK48.9%
TRFM8.6%

Securities held

ARKK46
TRFM266

Asset class

ARKK: Equity
TRFM: Equity

Holdings

Only in ARKK28
In both18
Only in TRFM248

Only in ARKK

28 securities, 54.8% of ARKK by weight

Space Exploration Techn-Cl A6.15%
Tempus Ai Inc-Cl A5.77%
Crispr Therapeutics AG4.51%
Coinbase Global Inc -Class A3.96%
Twist Bioscience Corp3.61%
Openai Group Pbc Series C3.46%
Robinhood Markets Inc - A2.90%
10X Genomics Inc-Class A2.77%
Beam Therapeutics Inc2.77%
Intellia Therapeutics Inc2.26%
Bullish1.72%
Bitmine Immersion Technologi1.69%
Recursion Pharmaceuticals-A1.59%
Kalshi Inc.1.33%
Natera Inc1.22%
Veracyte Inc1.21%
Archer Aviation Inc-A1.06%
Genedx Holdings Corp1.01%
Illumina Inc0.99%
X-Energy Inc0.86%
Alphabet Inc-Cl C0.78%
Ark Active Autocall Inc Etf0.63%
Pacific Biosciences of Calif0.60%
Sofi Technologies Inc0.59%
Eli Lilly & Co0.58%
Goldman Fs Trsy Oblig Inst 4680.45%
Cerus Corp0.33%
Brera Holdings PLC Wts<0.01%

Only in TRFM

248 securities, 89.7% of TRFM by weight

Texas Instruments Inc0.92%
Crowdstrike Holdings Inc0.90%
Datadog Inc0.88%
Analog Devices Inc0.86%
Palo Alto Networks Inc0.85%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Cadence Design Systems Inc0.80%
Apple Inc0.79%
Ciena Corp0.78%
Lumentum Holdings Inc0.77%
Microsoft Corp0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
Intel Corp0.75%
Southern Co/The0.74%
Cisco Systems Inc0.74%
Marvell Technology Inc0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
Astera Labs Inc0.73%
TransDigm Group Inc0.73%
Micron Technology Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Kla Corp0.72%
Arista Networks Inc0.72%
Amphenol Corp0.71%
GE Vernova Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Oracle Corp0.67%
Bloom Energy Corp0.67%
Constellation Energy Corp0.66%
Snowflake Inc0.66%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Coherent Corp0.64%
Western Digital Corp0.63%

Weight gaps

All 18 Holdings in both funds, largest gap first.

Holding weights in ARKK and TRFM, widest gap first
Holding	More in ARKKMore in TRFM	ARKK	TRFM
Tesla IncTSLA	ARKK +9.97 points	10.77%	0.80%
Circle Internet Group IncCRCL	ARKK +4.48 points	4.65%	0.17%
Shopify Inc - Class ASHOP	ARKK +2.51 points	3.13%	0.62%
NVIDIA CorpNVDA	ARKK +2.25 points	2.94%	0.69%
Coreweave Inc-Cl ACRWV	ARKK +2.01 points	2.52%	0.51%
Palantir Technologies Inc-APLTR	ARKK +1.84 points	2.64%	0.80%
Block IncXYZ	ARKK +1.66 points	2.32%	0.66%
Amazon.com IncAMZN	ARKK +1.49 points	2.19%	0.70%
Cerebras Systems Inc - ACBRS	ARKK +1.39 points	1.82%	0.43%
Meta Platforms Inc-Class AMETA	ARKK +1.33 points	2.09%	0.76%
Broadcom IncAVGO	ARKK +1.19 points	1.91%	0.72%
Rocket Lab CorpRKLB	ARKK +1.11 points	1.32%	0.21%
Kratos Defense & SecurityKTOS	ARKK +0.95 points	1.15%	0.20%
Advanced Micro DevicesAMD	ARKK +0.89 points	1.82%	0.93%
Bwx Technologies IncBWXT	ARKK +0.85 points	1.04%	0.19%
Taiwan Semiconductor-Sp AdrTSM	ARKK +0.44 points	1.00%	0.56%
Cloudflare Inc - Class ANET	ARKK +0.35 points	1.13%	0.78%
Teradyne IncTER	ARKK +0.12 points	0.74%	0.62%

All ARKK holdings⁠All 270 TRFM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ARKK vs TRFM Cost

Overpaying ARKK vs TRFM

$4,690

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ARKK 0.75%
$14,482
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

ARKK 0.75%
TRFM 0.49%
Overpaying

Year by year

Year	ARKK	TRFM	Overpaying
10	$1,336	$883	$453
20	$5,078	$3,394	$1,684
30	$14,482	$9,792	$4,690

Expense ratio

0.75%ARKK
0.49%TRFM, cheaper

TRFM0.49%ARKK0.75%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

ARKK 20th cheapest of 30 funds

ARKK vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ARKK 0.00%; TRFM No data
Payout (12M): ARKK None; TRFM No data
Last payment: ARKK No data; TRFM $0.08
Ex-dividend: ARKK No data; TRFM Dec 31, 2025
Paid on: ARKK No data; TRFM Jan 5, 2026
Frequency: ARKK No data; TRFM Irregular

Distribution history

Per share, 2017 to 2026, same scale for both

ARKK6 paymentsAll ARKK payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

ARKK vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ARKK 40.3%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years: ARKK 0.77TRFM 1.02, better
Worst fallMax drawdown, 5 years: ARKK −76.1%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: ARKK 2.46TRFM 1.64; Market = 1

ARKK and TRFM in the news

All news⁠

New ETFs
Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share
Oct 27, 2026ARKK
ETF Filings
Golden Eagle files a second ETF without the 40% sales rule of the fund it already runs
Oct 8, 2026ARKK
News
Altman rules out an OpenAI IPO in 2026, citing AI safety
Sep 12, 2026ARKK
News
Tesla sets October 1 for a Roadster reveal, not a delivery date
Sep 12, 2026ARKK
Deep Dive
Disruptive innovation ETFs share a label, not a portfolio
Sep 11, 2026ARKK

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ARKK vs TRFM

In short

Stated mandate

Why people hold it