FRWD vs TRFM: Grades, Fees and Holdings Compared

Nomura Transformational Technologies ETF

FRWDBNasdaq

AAM Transformers ETF

TRFMANYSE Arca

Overlap

12.5%by weight

Expense ratio

TRFM −0.16pt a year

FRWD0.65%TRFM0.49%

Avg volume · 30D

FRWD 2.1×the volume

FRWD82.4KTRFM40.1K

FRWD vs TRFM Performance

Jul 31, 2026 – Oct 30, 2026

−6.2%FRWD−7.0%TRFM

Expense ratio: FRWD 0.65%; TRFM 0.49%, better
Fund size: FRWD $260M; TRFM $313M
1Y total return: FRWD No data; TRFM +5.8%
Holdings: FRWD 28; TRFM 266
Avg volume (30D): FRWD 82.4K sh, better; TRFM 40.1K sh
NAV per share: FRWD $30.82; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for FRWD, TRFM, with each pillar’s weight
Pillar	FRWD	TRFM
Cost30% weight	C53	A81Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B62	B66Higher
Tradability15% weight	A85Higher	A70
Holdings10% weight	D36	A89Higher
Durability5% weight	B63Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. FRWD 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 FRWD 9th 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 6BTNXTT. Rowe Price Innovation Leaders ETFScore 65
Rank 9BFRWDNomura Transformational Technologies ETFScore 59
Rank 10BFWDAB Disruptors ETFScore 58

Our read on each fund

ETF.net Research

FRWDBNomura Transformational Technologies ETF

TRFMAAAM Transformers ETF

In short

FRWD No data

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

FRWD No data

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

FRWD No data

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

FRWD No data

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 FRWD profile⁠

Full TRFM profile⁠

FRWD vs TRFM Holdings

How FRWD and TRFM differ

Overlap by weight

12.5%

Shared holdings make up 81.8% of FRWD and 12.6% of TRFM.

Level by level

Holdings20 in both12.5%
Sector9 Sectors74.3%
Countryby domicile82.2%
Asset classEquity100%

Sector

Sector weights in FRWD and TRFM, widest gap first
Sector	More in FRWDMore in TRFM	FRWD	TRFM
Technology	FRWD +16.7 points	73.2%	56.5%
Industrials	TRFM +16.0 points	5.5%	21.5%
Utilities	TRFM +8.9 points	0.0%	8.9%
Consumer Discretionary	FRWD +5.0 points	10.9%	5.9%
Communication	FRWD +3.9 points	8.8%	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%
Financials	FRWD +0.1 points	1.7%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in FRWD and TRFM, widest gap first
Country	More in FRWDMore in TRFM	FRWD	TRFM
Japan	TRFM +4.4 points	0.0%	4.4%
Taiwan	FRWD +4.4 points	5.8%	1.4%
South Korea	FRWD +4.3 points	4.3%	0.0%
Canada	FRWD +3.7 points	5.1%	1.4%
Netherlands	FRWD +3.3 points	4.5%	1.2%
China	TRFM +3.2 points	0.0%	3.2%
Brazil	FRWD +2.2 points	3.2%	1.0%
Germany	TRFM +2.1 points	0.0%	2.1%
Other countries (13)	TRFM +8.1 points	77.3%	85.4%

Concentration

Weight in the 10 largest Holdings

FRWD56.4%
TRFM8.6%

Securities held

FRWD27
TRFM266

Asset class

FRWD: Equity
TRFM: Equity

Holdings

Only in FRWD7
In both20
Only in TRFM246

Only in FRWD

7 securities, 18.2% of FRWD by weight

Samsung Electronics Co3.96%
Celestica Inc Common2.67%
Space Exploration2.67%
Spotify Technology SA2.36%
Shopify Inc Common Stock2.31%
Booking Holdings Inc2.25%
Invesco Government &1.95%

Only in TRFM

246 securities, 87.4% of TRFM by weight

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%
Palantir Technologies Inc0.80%
Tesla Inc0.80%
Apple Inc0.79%
Ciena Corp0.78%
Cloudflare Inc0.78%
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%
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%
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%
Block Inc0.66%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Coherent Corp0.64%
Fortinet Inc0.63%
Corning Inc0.63%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in FRWD and TRFM, widest gap first
Holding	More in FRWDMore in TRFM	FRWD	TRFM
NVIDIA Corp Common StockNVDA	FRWD +8.90 points	9.59%	0.69%
Seagate TechnologySTX	FRWD +5.99 points	6.61%	0.62%
Advanced Micro DevicesAMD	FRWD +5.97 points	6.90%	0.93%
Taiwan SemiconductorTSM	FRWD +5.24 points	5.80%	0.56%
Microsoft Corp CommonMSFT	FRWD +5.10 points	5.87%	0.77%
Amazon.com Inc CommonAMZN	FRWD +4.19 points	4.89%	0.70%
Asml Holding NV Ny RegASML	FRWD +3.84 points	4.40%	0.56%
Lam Research Corp CommonLRCX	FRWD +3.80 points	4.45%	0.65%
Western Digital CorpWDC	FRWD +3.29 points	3.92%	0.63%
Broadcom Inc Common StockAVGO	FRWD +3.24 points	3.96%	0.72%
Micron Technology IncMU	FRWD +3.11 points	3.84%	0.73%
Texas Instruments IncTXN	FRWD +2.95 points	3.87%	0.92%
Unity Software Inc CommonU	FRWD +2.75 points	2.96%	0.21%
Kratos Defense & SecurityKTOS	FRWD +2.71 points	2.91%	0.20%
Mercadolibre Inc CommonMELI	FRWD +2.61 points	3.06%	0.45%
Doordash Inc Common StockDASH	FRWD +2.36 points	2.93%	0.57%
Servicenow Inc CommonNOW	FRWD +1.89 points	2.42%	0.53%
Meta Platforms Inc CommonMETA	FRWD +0.90 points	1.66%	0.76%
Alphabet Inc-Cl A -GOOGL	FRWD +0.48 points	1.10%	0.62%
Cadence Design SystemsCDNS	TRFM +0.11 points	0.69%	0.80%

All FRWD 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.

FRWD vs TRFM Cost

Overpaying FRWD vs TRFM

$2,925

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

FRWD 0.65%
$12,717
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

FRWD 0.65%
TRFM 0.49%
Overpaying

Year by year

Year	FRWD	TRFM	Overpaying
10	$1,163	$883	$280
20	$4,440	$3,394	$1,046
30	$12,717	$9,792	$2,925

Expense ratio

0.65%FRWD
0.49%TRFM, cheaper

TRFM0.49%FRWD0.65%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

FRWD 12th cheapest of 30 funds

FRWD vs TRFM Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2025 to 2026, same scale for both

FRWDAll FRWD payments⁠

No distribution history available.

TRFMIrregular · 1 paymentAll TRFM payments⁠

FRWD vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FRWD No dataTRFM 23.3%
Return per unit of riskSharpe ratio, 3 years: FRWD No dataTRFM 1.02
Worst fallMax drawdown, 5 years: FRWD No dataTRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: FRWD 2.11TRFM 1.64; Market = 1

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