FDTX vs TRFM: Grades, Fees and Holdings Compared

Fidelity Disruptive Technology ETF

FDTXBNasdaq

AAM Transformers ETF

TRFMANYSE Arca

Overlap

17.6%by weight

Expense ratio

TRFM −0.01pt a year

FDTX0.50%TRFM0.49%

Avg volume · 30D

FDTX 1.1×the volume

FDTX43.8KTRFM40.1K

FDTX vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

+18.6%FDTX+5.8%TRFM

Expense ratio: FDTX 0.50%; TRFM 0.49%, better
Fund size: FDTX $311M; TRFM $313M
1Y total return: FDTX +18.6%, better; TRFM +5.8%
Yield (12M): FDTX 0.00%; TRFM No data
Holdings: FDTX 46; TRFM 266
Avg volume (30D): FDTX 43.8K sh, better; TRFM 40.1K sh
NAV per share: FDTX $51.25; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for FDTX, TRFM, with each pillar’s weight
Pillar	FDTX	TRFM
Cost30% weight	A81	A81
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	B66Higher
Tradability15% weight	B56	A70Higher
Holdings10% weight	C53	A89Higher
Durability5% weight	A73Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. FDTX 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 FDTX 6th 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 6BDTECALPS Disruptive Technologies ETFScore 65
Rank 6BFDTXFidelity Disruptive Technology ETFScore 65
Rank 6BTNXTT. Rowe Price Innovation Leaders ETFScore 65

Our read on each fund

ETF.net Research

FDTXBFidelity Disruptive Technology ETF

TRFMAAAM Transformers ETF

In short

FDTX Fidelity's own read on disruptive tech, boiled down to roughly 50 names and priced below the typical thematic fund. Running since April 2020, it goes narrow where broad tech funds go wide.

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

FDTX The fund seeks long-term capital growth and normally invests at least 80% of its assets in securities of disruptive technology companies.

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

FDTX Charges 0.50% a year against a 0.65% median for disruptive-innovation funds. On a thematic shelf, that is a genuine discount.
Roughly 50 holdings, with at least 80% of assets committed to disruptive technology companies and a stated goal of long-term capital growth. Concentrated enough that individual winners register.fidelity.com
Live since April 2020, a longer run than most theme funds get, and one of the stronger profiles in the disruptive-innovation peer group.
Mid-size asset base and moderate trading volume, so getting in and out is usually straightforward rather than a hunt for a counterparty.

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

FDTX Cheaper doors to the same theme exist. Index-based KOMP runs at 0.20%, well under this fund's 0.50%.
About 50 stocks in one technology theme is a narrow book. Expect sharper moves in both directions than a diversified fund delivers.
No third-party index is named in the mandate, so what counts as 'disruptive' is Fidelity's judgment rather than a published rulebook.fidelity.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 FDTX profile⁠

Full TRFM profile⁠

FDTX vs TRFM Holdings

How FDTX and TRFM differ

Overlap by weight

17.6%

Shared holdings make up 77.5% of FDTX and 17.6% of TRFM.

Level by level

Holdings27 in both17.6%
Sector9 Sectors67.8%
Countryby domicile86.1%
Asset classEquity100%

Sector

Sector weights in FDTX and TRFM, widest gap first
Sector	More in FDTXMore in TRFM	FDTX	TRFM
Technology	FDTX +27.3 points	83.8%	56.5%
Industrials	TRFM +21.0 points	0.5%	21.5%
Utilities	TRFM +8.9 points	0.0%	8.9%
Communication	FDTX +4.5 points	9.4%	4.9%
Financials	TRFM +1.6 points	0.0%	1.6%
Consumer Discretionary	FDTX +0.4 points	6.3%	5.9%
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 FDTX and TRFM, widest gap first
Country	More in FDTXMore in TRFM	FDTX	TRFM
Taiwan	FDTX +8.1 points	9.5%	1.4%
Canada	FDTX +4.3 points	5.7%	1.4%
United States	TRFM +2.2 points	77.1%	79.3%
Germany	TRFM +2.1 points	0.0%	2.1%
China	TRFM +1.8 points	1.4%	3.2%
Japan	TRFM +1.6 points	2.8%	4.4%
Mexico	FDTX +1.1 points	1.3%	0.2%
France	TRFM +1.1 points	0.0%	1.1%
Other countries (12)	TRFM +4.7 points	2.3%	7.0%

Concentration

Weight in the 10 largest Holdings

FDTX46.9%
TRFM8.6%

Securities held

FDTX41
TRFM266

Asset class

FDTX: Equity
TRFM: Equity

Holdings

Only in FDTX14
In both27
Only in TRFM239

Only in FDTX

14 securities, 22.5% of FDTX by weight

Shopify Inc Class A (Us)4.67%
Twilio Inc Class A3.83%
Media Tek Inc3.46%
Alphabet Inc Class C2.66%
Advantest Corp2.12%
Magnite Inc1.41%
Be Semicond Indus NV (Neth)1.19%
Celestica Inc1.00%
Space Exploration Tech Corp A0.89%
Disco Corp0.67%
Bizlink Holding Inc0.34%
Securities Lending Cf0.23%
Montage Technology H0.06%
European Monetary Unit (Euro)<0.01%

Only in TRFM

239 securities, 82.4% of TRFM by weight

Texas Instruments Inc0.92%
Emerson Electric Co0.81%
Visa Inc0.80%
Tesla Inc0.80%
Cadence Design Systems Inc0.80%
Ciena Corp0.78%
Lumentum Holdings Inc0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
Intel Corp0.75%
Southern Co/The0.74%
Cisco Systems 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%
Applied Materials Inc0.72%
Kla Corp0.72%
Broadcom Inc0.72%
Amphenol Corp0.71%
GE Vernova 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%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Fortinet Inc0.63%
Teradyne Inc0.62%
Alphabet Inc0.62%
Shopify Inc0.62%
Uber Technologies Inc0.61%
Advantest Corp0.60%
Boeing Co/The0.58%
Sap SE0.58%
Axon Enterprise Inc0.58%
DoorDash Inc0.57%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in FDTX and TRFM, widest gap first
Holding	More in FDTXMore in TRFM	FDTX	TRFM
Taiwan Semic Mfg Co Ltd Sp AdrTSM	FDTX +5.43 points	5.99%	0.56%
Palantir Technologies IncPLTR	FDTX +4.98 points	5.78%	0.80%
Palo Alto Networks IncPANW	FDTX +3.95 points	4.80%	0.85%
NVIDIA CorpNVDA	FDTX +3.83 points	4.52%	0.69%
Marvell Technology IncMRVL	FDTX +3.58 points	4.32%	0.74%
Microsoft CorpMSFT	FDTX +3.55 points	4.32%	0.77%
Datadog Inc Class ADDOG	FDTX +3.50 points	4.38%	0.88%
Advanced Micro Devices IncAMD	FDTX +3.39 points	4.32%	0.93%
Meta Platforms Inc Class AMETA	FDTX +2.90 points	3.66%	0.76%
Amazon.com IncAMZN	FDTX +2.86 points	3.56%	0.70%
Seagate Techn Holdings PLCSTX	FDTX +2.49 points	3.11%	0.62%
Western Digital CorpWDC	FDTX +2.25 points	2.88%	0.63%
Analog Devices IncADI	FDTX +1.96 points	2.82%	0.86%
Global-E Online LtdGLBE	FDTX +1.90 points	2.13%	0.23%
Cloudflare IncNET	FDTX +1.76 points	2.54%	0.78%
Synopsys IncSNPS	FDTX +1.62 points	2.46%	0.84%
Micron Technology IncMU	FDTX +1.52 points	2.25%	0.73%
Arista Networks IncANET	FDTX +1.28 points	2.00%	0.72%
Coherent CorpCOHR	FDTX +1.18 points	1.82%	0.64%
Silicon Motion Tech Corp AdrSIMO	FDTX +1.13 points	1.32%	0.19%
Flex LtdFLEX	FDTX +1.12 points	1.31%	0.19%
Garmin LtdGRMN	FDTX +0.85 points	1.05%	0.20%
Crowdstrike Holdings IncCRWD	FDTX +0.81 points	1.71%	0.90%
Apple IncAAPL	FDTX +0.74 points	1.53%	0.79%
Jfrog LtdFROG	FDTX +0.64 points	0.88%	0.24%
Corning IncGLW	FDTX +0.46 points	1.09%	0.63%
Monolithic Power Sys IncMPWR	FDTX +0.26 points	0.96%	0.70%

All 50 FDTX 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.

FDTX vs TRFM Cost

Overpaying FDTX vs TRFM

$187

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

FDTX 0.50%
$9,979
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

FDTX 0.50%
TRFM 0.49%
Overpaying

Year by year

Year	FDTX	TRFM	Overpaying
10	$900	$883	$17
20	$3,460	$3,394	$66
30	$9,979	$9,792	$187

Expense ratio

0.50%FDTX
0.49%TRFM, cheaper

TRFM0.49%FDTX0.50%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

FDTX 6th cheapest of 30 funds

FDTX vs TRFM Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2025 to 2026, same scale for both

FDTX1 paymentAll FDTX payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

FDTX vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FDTX 27.9%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years: FDTX 0.94TRFM 1.02, better
Worst fallMax drawdown, 5 years: FDTX −27.2%since Jun 2023TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: FDTX 1.70TRFM 1.64; Market = 1

FDTX and TRFM in the news

All news⁠

Deep Dive
Disruptive innovation ETFs share a label, not a portfolio
Sep 11, 2026FDTX

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FDTX vs TRFM

In short

Stated mandate

Why people hold it

Worth knowing

How FDTX and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FDTX

Only in TRFM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Disruptive innovation ETFs share a label, not a portfolio

How FDTX and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FDTX

Only in TRFM

Weight gaps