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FWD vs TRFM

AB Disruptors ETF

FWDBNYSE Arca

AAM Transformers ETF

TRFMANYSE Arca

Overlap

Expense ratio

TRFM −0.16pt a year

FWD0.65%TRFM0.49%

Avg volume · 30D

FWD 5.4×the volume

FWD214KTRFM40.1K

FWD vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

+8.4%FWD+5.8%TRFM

Oct 31, 2025 to Oct 30, 2026. FWD +8.4%. TRFM +5.8%. Use the arrow keys to read each point.−10%20%30%Oct 2025Apr 2026Oct 2026
Expense ratio
FWD 0.65%
TRFM 0.49%, better
Fund size
FWD $3.28B
TRFM $313M
1Y total return
FWD +8.4%, better
TRFM +5.8%
Yield (12M)
FWD 0.10%
TRFM No data
Holdings
FWD 130
TRFM 266
Avg volume (30D)
FWD 214K sh, better
TRFM 40.1K sh
NAV per share
FWD $118.75
TRFM $53.79
52W range

ETF.net Grade

FWD: Cost 53, Risk 52, Mission not scored, Tradability 65, Holdings 70, Durability 64. TRFM: Cost 81, Risk 66, Mission not scored, Tradability 70, Holdings 89, Durability 50.
Pillar letters and Scores for FWD, TRFM, with each pillar’s weight
PillarFWDTRFM
Cost30% weightC53A81Higher
Mission25% weightNot scoredNot scored
Risk15% weightC52B66Higher
Tradability15% weightB65A70Higher
Holdings10% weightA70A89Higher
Durability5% weightB64HigherC50

Rank among Disruptive Innovation funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FWD 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 FWD 10th of 30 funds in the Disruptive Innovation Category.

  1. Rank 1AXTiShares Future Exponential Technologies ETFScore 86
  2. Rank 2AKOMPState Street SPDR S&P Kensho New Economies Composite ETFScore 83
  3. Rank 3ATRFMAAM Transformers ETFScore 74
  4. Rank 4AXITKState Street SPDR FactSet Innovative Technology ETFScore 73
  5. Rank 9BFRWDNomura Transformational Technologies ETFScore 59
  6. Rank 10BFWDAB Disruptors ETFScore 58
  7. Rank 10BINVNAlger Russell Innovation ETFScore 58

Our read on each fund

ETF.net Research

FWDBAB Disruptors ETF

TRFMAAAM Transformers ETF

In short

FWD Most disruption ETFs hand the job to an index. FWD hands it to a stock-picking team with a go-anywhere mandate: any sector, any geography, roughly 120 companies AllianceBernstein believes are positioned to upend their industries.

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

FWD The fund is actively managed and seeks long-term capital growth by investing across sectors and geographies in innovative companies positioned to disrupt their industries.

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

  • FWD Actively managed and genuinely global. It can own disruptors in any sector or industry, not just the usual tech-and-biotech slice most thematic funds fish in.alliancebernstein.comgcs-web.com
  • 0.65% sits right at the median for disruptive-innovation funds, and here that fee buys live stock picking rather than an index license.alliancebernstein.com
  • About 120 holdings spreads the bet wider than the most concentrated innovation funds, so no single moonshot runs the show.
  • Launched in 2023 and now a billion-dollar-plus fund, it is among the easier names in its theme to get into and out of at tight spreads.
  • 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

  • FWD No index to grade it against. The mandate is discretionary, so what you own rides on the manager's judgment rather than a published rulebook.alliancebernstein.com
  • Cheaper routes to the theme exist. Index-run peers KOMP (0.20%) and XT (0.46%) cover innovation for a fraction of the fee.
  • Built for growth, not income: distributions come at most once or twice a year, and disruptive names tend to swing harder than a broad global index.
  • 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 FWD profile⁠

Full TRFM profile⁠

FWD vs 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.

FWD vs TRFM Cost

Overpaying FWD vs TRFM

$2,925

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

  • FWD 0.65%

    $12,717

  • TRFM 0.49%

    $9,792

$10,000
30 years

Cost over time

  • FWD 0.65%
  • TRFM 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530FWD $12,717TRFM $9,792

Year by year

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

Expense ratio

  • 0.65%FWD
  • 0.49%TRFM, cheaper
  • Middle half of Disruptive Innovation funds
  • Median 0.65%

TRFM 4th cheapest of 30 funds

FWD 12th cheapest of 30 funds

FWD vs TRFM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FWD 0.10%
TRFM No data
Payout (12M)
FWD $0.11
TRFM No data
Last payment
FWD $0.11
TRFM $0.08
Ex-dividend
FWD Dec 17, 2025
TRFM Dec 31, 2025
Paid on
FWD Dec 18, 2025
TRFM Jan 5, 2026
Frequency
FWD Twice a year
TRFM Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

FWDTwice a year · 3 paymentsAll FWD payments⁠
One bar per payment. 3 payments from 2024 to 2026 YTD. Dec 17, 2024 $1.50; Jul 22, 2025 $0.0057; Dec 17, 2025 $0.11. Use the arrow keys to read each point.$0$12026YTD
TRFMIrregular · 1 paymentAll TRFM payments⁠
One bar per payment. 1 payment from 2024 to 2026 YTD. Dec 31, 2025 $0.08. Use the arrow keys to read each point.$0$12026YTD

FWD vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FWD 25.2%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years
FWD 1.11, betterTRFM 1.02
Worst fallMax drawdown, 5 years
FWD −29.0%since Mar 2023TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years
FWD 1.60TRFM 1.64

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