FRWD vs XT: Grades, Fees and Holdings Compared

Nomura Transformational Technologies ETF

FRWDBNasdaq

iShares Future Exponential Technologies ETF

XTANasdaq

Overlap

20.9%by weight

Expense ratio

XT −0.19pt a year

FRWD0.65%XT0.46%

Avg volume · 30D

FRWD 1.2×the volume

FRWD82.4KXT69.1K

FRWD vs XT Performance

Jul 31, 2026 – Oct 30, 2026

−6.2%FRWD+4.9%XT

Expense ratio: FRWD 0.65%; XT 0.46%, better
Fund size: FRWD $260M; XT $3.98B
1Y total return: FRWD No data; XT +20.1%
Yield (12M): FRWD No data; XT 6.82%
Holdings: FRWD 28; XT 216
Avg volume (30D): FRWD 82.4K sh, better; XT 69.1K sh
NAV per share: FRWD $30.82; XT $83.53
52W range

ETF.net Grade

Pillar letters and Scores for FRWD, XT, with each pillar’s weight
Pillar	FRWD	XT
Cost30% weight	C53	A95Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B62	A91Higher
Tradability15% weight	A85Higher	A77
Holdings10% weight	D36	B66Higher
Durability5% weight	B63	A96Higher

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. FRWD and XT 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 ›

XT ranks 1st 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 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

XTAiShares Future Exponential Technologies ETF

In short

FRWD No data

XT Innovation, spread thin on purpose. XT holds roughly 200 global companies scored by Morningstar analysts for exposure to a handful of exponential tech themes, so no single moonshot carries the fund.

Stated mandate

FRWD No data

XT XT seeks to track an index of stocks from developed and emerging markets whose companies create or use exponential technologies. The strategy targets technologies with potential economic benefits, including the ability to displace older technologies or create new markets.

Why people hold it

FRWD No data

XT Cheap for the theme at 0.46% a year, below the typical fee in its disruptive-innovation cohort and under peers like TRFM and FDTX.
Human fingerprint on the stock list: Morningstar equity analysts score companies on theme exposure instead of sorting by keywords or revenue tags.sec.gov contentstack.io
Global by construction (developed and emerging markets) and not fenced into the tech sector, so a drugmaker or an industrial can qualify on theme exposure.sec.gov
Launched in 2015 and now a multi-billion-dollar iShares fund, it stands among the stronger builds in its innovation peer group.ishares.com

Worth knowing

FRWD No data

XT The index has been reworked since launch (weighting scheme, theme list), and themes get an annual review, so today's tilt is not fixed forever.morningstar.com sec.gov
Moderately traded rather than a household name, which can mean wider spreads than the biggest tech ETFs.
About 200 positions dilutes any single breakout winner, and distributions land only once or twice a year.

Full FRWD profile⁠

Full XT profile⁠

FRWD vs XT Holdings

How FRWD and XT differ

Overlap by weight

20.9%

Shared holdings make up 55.6% of FRWD and 22.3% of XT.

Level by level

Holdings13 in both20.9%
Sector10 Sectors61.8%
Countryby domicile80.3%
Asset classEquity100%

Sector

Sector weights in FRWD and XT, widest gap first
Sector	More in FRWDMore in XT	FRWD	XT
Technology	FRWD +30.0 points	73.2%	43.2%
Health Care	XT +27.4 points	0.0%	27.4%
Communication	FRWD +5.0 points	8.8%	3.8%
Utilities	XT +4.1 points	0.0%	4.1%
Consumer Discretionary	FRWD +3.3 points	10.9%	7.6%
Industrials	XT +2.9 points	5.5%	8.4%
Financials	XT +2.5 points	1.7%	4.2%
Materials	XT +1.3 points	0.0%	1.3%
Energy	Same weight	0.0%	0.0%
Real Estate	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FRWD and XT, widest gap first
Country	More in FRWDMore in XT	FRWD	XT
Canada	FRWD +5.1 points	5.1%	0.0%
Netherlands	FRWD +4.5 points	4.5%	0.0%
United Kingdom	XT +3.7 points	0.0%	3.7%
Taiwan	FRWD +3.7 points	5.8%	2.1%
Brazil	FRWD +3.2 points	3.2%	0.0%
Switzerland	XT +3.1 points	0.0%	3.1%
Japan	XT +3.1 points	0.0%	3.1%
South Korea	FRWD +3.0 points	4.3%	1.3%
Other countries (6)	XT +9.3 points	77.3%	86.6%

Outside the US: XT 74% developed, 26% emerging.

Concentration

Weight in the 10 largest Holdings

FRWD56.4%
XT36.5%

Securities held

FRWD27
XT193

Asset class

FRWD: Equity
XT: Equity

Holdings

Only in FRWD14
In both13
Only in XT180

Only in FRWD

14 securities, 44.4% of FRWD by weight

Taiwan Semiconductor5.80%
Lam Research Corp Common4.45%
Asml Holding NV Ny Reg4.40%
Samsung Electronics Co3.96%
Mercadolibre Inc Common3.06%
Unity Software Inc Common2.96%
Doordash Inc Common Stock2.93%
Kratos Defense & Security2.91%
Celestica Inc Common2.67%
Servicenow Inc Common2.42%
Spotify Technology SA2.36%
Shopify Inc Common Stock2.31%
Booking Holdings Inc2.25%
Invesco Government &1.95%

Only in XT

180 securities, 77.4% of XT by weight

Eli Lilly4.61%
Tesla Inc4.40%
Palo Alto Networks3.47%
Analog Devices3.38%
Johnson & Johnson3.09%
Crowdstrike Holdings Class A2.75%
AbbVie2.47%
Taiwan Semiconductor Manufacturing1.82%
Merck & Co Inc1.71%
Roche Ps Par AG1.61%
Intuitive Surgical1.59%
Iberdrola1.49%
Novartis AG1.44%
S&P Global1.30%
Astrazeneca PLC1.30%
Amgen Inc1.18%
Cisco Systems Inc1.18%
Infineon Technologies AG1.16%
Murata Manufacturing1.15%
Cloudflare Class A1.06%
Nxp Semiconductors NV1.01%
Te Connectivity PLC1.01%
Gilead Sciences0.96%
Emerson Electric0.93%
Fortinet0.92%
Xiaomi0.88%
Bae Systems PLC0.83%
Pfizer0.82%
Northrop Grumman Corp0.82%
Enel0.81%
Danaher0.75%
Air Products and Chemicals0.70%
Vertex Pharmaceuticals0.66%
Ge Vernova0.61%
Sk Hynix0.61%
Bristol Myers Squibb0.60%
Rheinmetall AG0.58%
Novo Nordisk Class B0.58%
London Stock Exchange Group PLC0.55%
Engie SA0.49%
Palantir Technologies Class A0.49%
Renesas Electronics Corp0.48%
Rockwell Automation Inc0.48%
Glaxosmithkline0.47%
On Semiconductor Corp0.47%
Stmicroelectronics0.47%
Nasdaq Inc0.46%
Sanofi SA0.46%
Rwe AG0.43%
Samsung Sdi Ltd0.41%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in FRWD and XT, widest gap first
Holding	More in FRWDMore in XT	FRWD	XT
Seagate TechnologySTX	FRWD +6.45 points	6.61%	0.16%
NVIDIA Corp Common StockNVDA	FRWD +6.01 points	9.59%	3.58%
Advanced Micro DevicesAMD	FRWD +5.95 points	6.90%	0.95%
Western Digital CorpWDC	FRWD +3.78 points	3.92%	0.14%
Micron Technology IncMU	FRWD +2.80 points	3.84%	1.04%
Space ExplorationSPCX	FRWD +2.38 points	2.67%	0.29%
Amazon.com Inc CommonAMZN	FRWD +2.37 points	4.89%	2.52%
Broadcom Inc Common StockAVGO	FRWD +2.22 points	3.96%	1.74%
Microsoft Corp CommonMSFT	FRWD +1.77 points	5.87%	4.09%
Texas Instruments IncTXN	XT +0.74 points	3.87%	4.61%
Alphabet Inc-Cl A -GOOGL	XT +0.64 points	1.10%	1.74%
Cadence Design SystemsCDNS	FRWD +0.58 points	0.69%	0.11%
Meta Platforms Inc CommonMETA	FRWD +0.33 points	1.66%	1.33%

All FRWD holdings⁠All 193 XT 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 XT Cost

Overpaying FRWD vs XT

$3,487

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

FRWD 0.65%
$12,717
XT 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

FRWD 0.65%
XT 0.46%
Overpaying

Year by year

Year	FRWD	XT	Overpaying
10	$1,163	$830	$333
20	$4,440	$3,195	$1,245
30	$12,717	$9,230	$3,487

Expense ratio

0.65%FRWD
0.46%XT, cheaper

XT0.46%FRWD0.65%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

XT 3rd cheapest of 30 funds

FRWD 12th cheapest of 30 funds

FRWD vs XT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FRWD No data; XT 6.82%
Payout (12M): FRWD None; XT $5.69
Last payment: FRWD No data; XT $0.36
Ex-dividend: FRWD No data; XT Jun 15, 2026
Paid on: FRWD No data; XT Jun 18, 2026
Frequency: FRWD No data; XT Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FRWDAll FRWD payments⁠

No distribution history available.

XTTwice a year · 23 paymentsAll XT payments⁠

FRWD vs XT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FRWD No dataXT 16.5%
Return per unit of riskSharpe ratio, 3 years: FRWD No dataXT 1.08
Worst fallMax drawdown, 5 years: FRWD No dataXT −34.4%
Market sensitivityBeta, 5 years: FRWD 2.11XT 1.35; Market = 1

FRWD and XT in the news

All news⁠

ETF Filings
Golden Eagle files a second ETF without the 40% sales rule of the fund it already runs
Oct 8, 2026XT
Deep Dive
Disruptive innovation ETFs share a label, not a portfolio
Sep 11, 2026XT

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FRWD vs XT

In short

Stated mandate

Why people hold it

Worth knowing

How FRWD and XT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FRWD

Only in XT

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Golden Eagle files a second ETF without the 40% sales rule of the fund it already runs

Disruptive innovation ETFs share a label, not a portfolio

How FRWD and XT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FRWD

Only in XT

Weight gaps