DARP vs TRFM: Grades, Fees and Holdings Compared

Tidal Trust II Grizzle Growth ETF

DARPDNYSE Arca

AAM Transformers ETF

TRFMANYSE Arca

Overlap

14.4%by weight

Expense ratio

TRFM −0.26pt a year

DARP0.75%TRFM0.49%

Avg volume · 30D

TRFM 5.3×the volume

DARP7.52KTRFM40.1K

DARP vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

+19.4%DARP+5.8%TRFM

Expense ratio: DARP 0.75%; TRFM 0.49%, better
Fund size: DARP $41M; TRFM $313M
1Y total return: DARP +19.4%, better; TRFM +5.8%
Yield (12M): DARP 0.37%; TRFM No data
Holdings: DARP 46; TRFM 266
Avg volume (30D): DARP 7.52K sh; TRFM 40.1K sh, better
NAV per share: DARP $55.56; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for DARP, TRFM, with each pillar’s weight
Pillar	DARP	TRFM
Cost30% weight	F22	A81Higher
Mission25% weight	C43	Not scored
Risk15% weight	B63	B66Higher
Tradability15% weight	B56	A70Higher
Holdings10% weight	D39	A89Higher
Durability5% weight	F24	C50Higher

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. DARP 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 DARP 23rd 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 21CTEKXState Street Galaxy Transformative Tech Accelerators ETFScore 40
Rank 23DDARPTidal Trust II Grizzle Growth ETFScore 39
Rank 23DYNOTHorizon Digital Frontier ETFScore 39

Our read on each fund

ETF.net Research

DARPDTidal Trust II Grizzle Growth ETF

TRFMAAAM Transformers ETF

In short

DARP The ticker is the thesis: disruption at a reasonable price. Two founder-managers run a concentrated global book of 30 to 60 innovation names screened on valuation, in a corner of the market where most rivals simply track a theme index.

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

DARP The Fund seeks long-term capital appreciation through an actively managed portfolio of equity securities focused on growth, innovation, and disruption.

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

DARP Valuation discipline is baked into the name: DARP targets disruption at a reasonable price, aiming at companies whose revenue and earnings can outgrow the broad market.grizzle.com
Genuinely active, not an index in costume: a non-diversified portfolio of 30 to 60 global stocks of any market cap, chosen by the two founders of the sub-adviser.grizzle.com
Spreads its bets across four themes (cloud and digitization, future media, health and wellness, energy transition) instead of living or dying by one sector.grizzle.com
The managers show their work: fund letters, a factsheet and a strategy whitepaper sit on the fund's own site.grizzle.com

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

DARP At 0.75% a year, it costs more than the 0.65% typical of its innovation peers, and well above index-based rivals like KOMP (0.20%) and XT (0.46%).
A small fund that trades lightly, so bid-ask spreads can run wider than at the category's household names.
Concentrated (roughly 40 holdings) and non-diversified, so individual positions carry real weight, and cash comes back once or twice a year rather than quarterly.grizzle.com

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 DARP profile⁠

Full TRFM profile⁠

DARP vs TRFM Holdings

How DARP and TRFM differ

Overlap by weight

14.4%

Shared holdings make up 73.9% of DARP and 14.4% of TRFM.

Level by level

Holdings24 in both14.4%
Sector10 Sectors72.0%
Countryby domicile85.2%
Asset classEquity100%

Sector

Sector weights in DARP and TRFM, widest gap first
Sector	More in DARPMore in TRFM	DARP	TRFM
Industrials	TRFM +14.6 points	6.9%	21.5%
Energy	DARP +10.5 points	10.7%	0.2%
Utilities	TRFM +8.9 points	0.0%	8.9%
Materials	DARP +5.8 points	6.1%	0.3%
Communication	DARP +4.8 points	9.7%	4.9%
Health Care	DARP +3.6 points	3.6%	0.0%
Technology	TRFM +3.5 points	53.0%	56.5%
Consumer Discretionary	DARP +2.1 points	8.0%	5.9%
Consumer Staples	DARP +1.2 points	1.5%	0.3%
Financials	TRFM +1.1 points	0.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in DARP and TRFM, widest gap first
Country	More in DARPMore in TRFM	DARP	TRFM
United States	DARP +10.7 points	90.0%	79.3%
Japan	TRFM +4.4 points	0.0%	4.4%
China	TRFM +2.3 points	0.9%	3.2%
Germany	TRFM +2.1 points	0.0%	2.1%
Taiwan	DARP +1.8 points	3.2%	1.4%
France	TRFM +1.1 points	0.0%	1.1%
Brazil	TRFM +1.0 points	0.0%	1.0%
Netherlands	DARP +1.0 points	2.2%	1.2%
Other countries (13)	TRFM +2.6 points	3.8%	6.4%

Concentration

Weight in the 10 largest Holdings

DARP52.4%
TRFM8.6%

Securities held

DARP46
TRFM266

Asset class

DARP: Equity
TRFM: Equity

Holdings

Only in DARP22
In both24
Only in TRFM242

Only in DARP

22 securities, 26.3% of DARP by weight

Venture Global Inc3.01%
LyondellBasell Industries NV2.23%
Comstock Resources Inc2.14%
Eli Lilly & Co2.10%
Cheniere Energy Inc1.86%
First American Government Obligations Fund 12/01/20311.63%
Antero Resources Corp1.58%
Universal Technical Institute Inc1.57%
Intuitive Surgical Inc1.54%
Kinross Gold Corp1.43%
Trane Technologies PLC1.26%
LandBridge Corp0.91%
Range Resources Corp0.91%
ASMPT Ltd0.85%
Ecora Royalties Plc0.78%
Hyperliquid Strategies Inc0.68%
Hot Chili Ltd0.44%
Anfield Energy Inc0.37%
Cambria Gold Mines Inc0.33%
Monument Mining Ltd0.30%
Ecora Royalties Plc0.27%
West Point Gold Corp0.12%

Only in TRFM

242 securities, 85.6% of TRFM by weight

Advanced Micro Devices Inc0.93%
Texas Instruments Inc0.92%
Crowdstrike Holdings Inc0.90%
Datadog Inc0.88%
Analog Devices Inc0.86%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Palantir Technologies Inc0.80%
Tesla Inc0.80%
Cadence Design Systems Inc0.80%
Cloudflare Inc0.78%
Lumentum Holdings Inc0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
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%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Kla Corp0.72%
Broadcom Inc0.72%
Amphenol Corp0.71%
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%
Block Inc0.66%
Salesforce Inc0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Western Digital Corp0.63%
Fortinet Inc0.63%
Corning Inc0.63%
Teradyne Inc0.62%
Seagate Technology Holdings PLC0.62%
Shopify Inc0.62%

Weight gaps

All 24 Holdings in both funds, largest gap first.

Holding weights in DARP and TRFM, widest gap first
Holding	More in DARPMore in TRFM	DARP	TRFM
NVIDIA CorpNVDA	DARP +8.06 points	8.75%	0.69%
Micron Technology IncMU	DARP +7.85 points	8.58%	0.73%
Amazon.com IncAMZN	DARP +6.92 points	7.62%	0.70%
Alphabet IncGOOGL	DARP +6.25 points	6.87%	0.62%
Apple IncAAPL	DARP +3.61 points	4.40%	0.79%
Everpure IncP	DARP +3.48 points	3.79%	0.31%
Gitlab IncGTLB	DARP +2.90 points	3.16%	0.26%
Taiwan Semiconductor Manufacturing Co LtdTSM	DARP +2.56 points	3.12%	0.56%
Coherent CorpCOHR	DARP +2.46 points	3.10%	0.64%
Vertiv Holdings CoVRT	DARP +2.28 points	2.93%	0.65%
Microsoft CorpMSFT	DARP +1.75 points	2.52%	0.77%
ASML Holding NVASML	DARP +1.58 points	2.14%	0.56%
GE Vernova IncGEV	DARP +1.42 points	2.12%	0.70%
Arista Networks IncANET	DARP +1.25 points	1.97%	0.72%
Palo Alto Networks IncPANW	DARP +1.23 points	2.08%	0.85%
Kulicke & Soffa Industries IncKLIC	DARP +1.13 points	1.33%	0.20%
Ciena CorpCIEN	DARP +1.12 points	1.90%	0.78%
Meta Platforms IncMETA	DARP +0.97 points	1.73%	0.76%
ON Semiconductor CorpON	DARP +0.79 points	1.02%	0.23%
Uber Technologies IncUBER	DARP +0.71 points	1.32%	0.61%
Intel CorpINTC	DARP +0.40 points	1.15%	0.75%
Axon Enterprise IncAXON	DARP +0.37 points	0.95%	0.58%
Unity Software IncU	DARP +0.27 points	0.48%	0.21%
Applied Materials IncAMAT	DARP +0.15 points	0.87%	0.72%

All 46 DARP 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.

DARP vs TRFM Cost

Overpaying DARP vs TRFM

$4,690

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

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

Amount$10,000

Years30 years

Cost over time

DARP 0.75%
TRFM 0.49%
Overpaying

Year by year

Year	DARP	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%DARP
0.49%TRFM, cheaper

TRFM0.49%DARP0.75%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

DARP 20th cheapest of 30 funds

DARP vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DARP 0.37%; TRFM No data
Payout (12M): DARP $0.20; TRFM No data
Last payment: DARP $0.20; TRFM $0.08
Ex-dividend: DARP Dec 29, 2025; TRFM Dec 31, 2025
Paid on: DARP Dec 30, 2025; TRFM Jan 5, 2026
Frequency: DARP Annual; TRFM Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

DARPAnnual · 4 paymentsAll DARP payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

DARP vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DARP 22.0%, betterTRFM 23.3%
Return per unit of riskSharpe ratio, 3 years: DARP 1.20, betterTRFM 1.02
Worst fallMax drawdown, 5 years: DARP −30.3%since Dec 2021TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: DARP 1.24TRFM 1.64; Market = 1

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