GINN vs TRFM: Grades, Fees and Holdings Compared

Goldman Sachs Innovate Equity ETF

GINNANYSE Arca

AAM Transformers ETF

TRFMANYSE Arca

Overlap

19.8%by weight

Expense ratio

TRFM −0.01pt a year

GINN0.50%TRFM0.49%

Avg volume · 30D

TRFM 5.6×the volume

GINN7.17KTRFM40.1K

GINN vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

+6.2%GINN+5.8%TRFM

Expense ratio: GINN 0.50%; TRFM 0.49%, better
Fund size: GINN $178M; TRFM $313M
1Y total return: GINN +6.2%, better; TRFM +5.8%
Yield (12M): GINN 1.16%; TRFM No data
Holdings: GINN 478; TRFM 266
Avg volume (30D): GINN 7.17K sh; TRFM 40.1K sh, better
NAV per share: GINN $81.12; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for GINN, TRFM, with each pillar’s weight
Pillar	GINN	TRFM
Cost30% weight	A81	A81
Mission25% weight	Not scored	Not scored
Risk15% weight	A83Higher	B66
Tradability15% weight	D35	A70Higher
Holdings10% weight	A81	A89Higher
Durability5% weight	B61Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. GINN 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 GINN 5th 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 5AGINNGoldman Sachs Innovate Equity ETFScore 70
Rank 6BDTECALPS Disruptive Technologies ETFScore 65

Our read on each fund

ETF.net Research

GINNAGoldman Sachs Innovate Equity ETF

TRFMAAAM Transformers ETF

In short

GINN Five Goldman thematic ETFs walked in; one walked out. GINN bundles data, finance, health, manufacturing and consumer innovation into a single equal-weighted global basket of roughly 500 stocks, all for 0.50% a year.

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

GINN The Fund seeks to track the Solactive Innovative Global Equity Index, gaining exposure to companies that may benefit from technological innovation across five themes shaping the economy.

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

GINN Weight is split equally across five innovation themes: data-driven world, finance reimagined, human evolution, manufacturing revolution and new age consumer. No single fad steers the fund.solactive.com
Roughly 500 names reaching across sectors, geographies and market caps, so innovation shows up as a broad global basket rather than a concentrated bet on a dozen US mega caps.gsam.com
Born in November 2020 from the merger of five separate Goldman theme funds, so one 0.50% expense ratio covers ground that once took five tickers.nasdaq.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

GINN Thinly traded and modest in size next to giant index funds, so bid-ask spreads can widen. Limit orders are the usual defense.
A global innovation tilt has moved with bigger swings than a plain world index; these are companies valued largely on what comes next.
Cash comes back once or twice a year, not monthly. The mandate is thematic growth exposure, not income.

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 GINN profile⁠

Full TRFM profile⁠

GINN vs TRFM Holdings

How GINN and TRFM differ

Overlap by weight

19.8%

Shared holdings make up 30.8% of TRFM and 28.5% of GINN.

Level by level

Holdings59 in both19.8%
Sector11 Sectors51.8%
Countryby domicile91.7%
Asset classEquity100%

Sector

Sector weights in GINN and TRFM, widest gap first
Sector	More in GINNMore in TRFM	GINN	TRFM
Technology	TRFM +24.5 points	32.0%	56.5%
Health Care	GINN +21.9 points	21.9%	0.0%
Industrials	TRFM +16.3 points	5.2%	21.5%
Financials	GINN +10.2 points	11.8%	1.6%
Utilities	TRFM +7.2 points	1.7%	8.9%
Consumer Discretionary	GINN +6.8 points	12.7%	5.9%
Communication	GINN +6.2 points	11.1%	4.9%
Consumer Staples	GINN +1.5 points	1.8%	0.3%
Energy	GINN +1.0 points	1.2%	0.2%
Real Estate	GINN +0.6 points	0.6%	0.0%
Materials	TRFM +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in GINN and TRFM, widest gap first
Country	More in GINNMore in TRFM	GINN	TRFM
United States	TRFM +3.8 points	75.5%	79.3%
China	GINN +2.6 points	5.8%	3.2%
Switzerland	GINN +1.2 points	1.9%	0.7%
Japan	TRFM +1.2 points	3.2%	4.4%
South Korea	GINN +1.0 points	1.0%	0.0%
United Kingdom	GINN +0.9 points	1.9%	1.0%
Sweden	TRFM +0.8 points	0.1%	0.9%
Hong Kong	TRFM +0.6 points	0.0%	0.6%
Other countries (19)	GINN +0.6 points	10.6%	10.0%

Outside the US: GINN 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

GINN16.2%
TRFM8.6%

Securities held

GINN473
TRFM266

Asset class

GINN: Equity
TRFM: Equity

Holdings

Only in GINN414
In both59
Only in TRFM207

Only in GINN

414 securities, 71.3% of GINN by weight

Eli Lilly & Co1.12%
Moderna, Inc.1.02%
Tencent Holdings Limited0.99%
Johnson & Johnson0.89%
Mastercard Incorporated0.81%
Shopify Inc.0.81%
Walmart Inc0.77%
AbbVie Inc.0.74%
Alibaba Group Holding Limited0.72%
Roche Holding AG0.68%
Merck & Co., Inc.0.65%
Novartis AG Shs0.65%
Pfizer Inc.0.58%
Goldman Sachs Group, Inc.(The)0.57%
Astrazeneca PLC Ord0.55%
Abbott Laboratories0.54%
Amgen Inc.0.54%
Gilead Sciences0.53%
Medtronic Public Limited Company0.53%
Vertex Pharmaceuticals Incorporated0.52%
Lockheed Martin Corporation0.52%
BlackRock Funding, Inc.0.52%
Intuitive Surgical, Inc.0.51%
Toyota Motor Corporation0.49%
Totalenergies SE0.49%
Morgan Stanley0.49%
Block, Inc.0.47%
Walt Disney Company (The)0.46%
Prosus N.v.0.46%
Illumina, Inc0.45%
Intl Business Machines Corp0.43%
Intercontinental Exchange Inc0.42%
S&P Global Inc.0.42%
Strategy Inc0.41%
Qualcomm Inc0.41%
Novo-Nordisk A/S Adr-Adr0.41%
Regeneron Pharmaceutical Inc0.40%
Bristol-Myers Squibb Company0.40%
General Motors Company0.38%
Kkr & Co. Inc.0.37%
Sony Group Corporation0.37%
Blackstone Group Inc/The0.36%
Stryker Corporation0.36%
Sanofi0.35%
Sap SE0.34%
Resmed Inc.0.34%
Equinor Asa-Adr0.33%
PayPal Holdings, Inc.0.33%
Msci Inc.0.33%
Biogen Inc.0.33%

Only in TRFM

207 securities, 69.2% of TRFM by weight

Texas Instruments Inc0.92%
Datadog Inc0.88%
Analog Devices Inc0.86%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Lumentum Holdings Inc0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
Southern Co/The0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
Astera Labs Inc0.73%
TransDigm Group Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Kla Corp0.72%
Amphenol Corp0.71%
GE Vernova Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Bloom Energy Corp0.67%
Constellation Energy Corp0.66%
Block Inc0.66%
Vertiv Holdings Co0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Coherent Corp0.64%
Western Digital Corp0.63%
Corning Inc0.63%
Seagate Technology Holdings PLC0.62%
Shopify Inc0.62%
Advantest Corp0.60%
Boeing Co/The0.58%
Sap SE0.58%
Axon Enterprise Inc0.58%
DoorDash Inc0.57%
Howmet Aerospace Inc0.56%
ASML Holding NV0.56%
Eaton Corp PLC0.53%
Spotify Technology SA0.53%
Murata Manufacturing Co Ltd0.52%
Airbus SE0.51%
CoreWeave Inc0.51%
ARM Holdings PLC0.51%
Infineon Technologies AG0.51%
Tokyo Electron Ltd0.50%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in GINN and TRFM, widest gap first
Holding	More in GINNMore in TRFM	GINN	TRFM
Apple Inc.AAPL	GINN +1.48 points	2.27%	0.79%
Microsoft CorporationMSFT	GINN +1.39 points	2.16%	0.77%
NVIDIA CorporationNVDA	GINN +1.26 points	1.95%	0.69%
Amazon.com IncAMZN	GINN +1.11 points	1.81%	0.70%
Alphabet Inc.GOOGL	GINN +1.01 points	1.63%	0.62%
Meta Platforms Inc-Class AMETA	GINN +0.94 points	1.70%	0.76%
Ciena CorporationCIEN	TRFM +0.66 points	0.12%	0.78%
Cadence Design Systems IncCDNS	TRFM +0.64 points	0.16%	0.80%
Tesla Inc.TSLA	GINN +0.56 points	1.35%	0.80%
Cloudflare, Inc.NET	TRFM +0.55 points	0.23%	0.78%
Keysight Technologies, Inc.KEYS	TRFM +0.50 points	0.23%	0.73%
Hewlett Packard Enterprise CoHPE	TRFM +0.49 points	0.28%	0.77%
Intel CorporationINTC	GINN +0.43 points	1.18%	0.75%
Crowdstrike Holdings, Inc.CRWD	TRFM +0.42 points	0.48%	0.90%
Arista Networks, Inc.ANET	TRFM +0.41 points	0.31%	0.72%
Palo Alto Networks Inc.PANW	TRFM +0.41 points	0.44%	0.85%
Marvell Technology, Inc.MRVL	TRFM +0.41 points	0.33%	0.74%
Snowflake Inc.SNOW	TRFM +0.40 points	0.26%	0.66%
Airbnb Inc.ABNB	TRFM +0.41 points	0.23%	0.64%
Fortinet, Inc.FTNT	TRFM +0.38 points	0.25%	0.63%
Nextera Energy, Inc.NEE	TRFM +0.38 points	0.31%	0.69%
Oracle CorporationORCL	TRFM +0.36 points	0.31%	0.67%
Palantir Technologies Inc.PLTR	TRFM +0.35 points	0.45%	0.80%
Uber Technologies, Inc.UBER	TRFM +0.34 points	0.27%	0.61%
Pdd Holdings Inc-AdrPDD	TRFM +0.33 points	0.19%	0.52%
Servicenow IncNOW	TRFM +0.30 points	0.23%	0.53%
Salesforce IncCRM	TRFM +0.28 points	0.37%	0.65%
Cisco Systems, Inc.CSCO	TRFM +0.27 points	0.47%	0.74%
Micron Technology, Inc.MU	TRFM +0.25 points	0.48%	0.73%
Teradyne IncTER	TRFM +0.23 points	0.39%	0.62%
Advanced Micro Devices Inc.AMD	TRFM +0.23 points	0.70%	0.93%
Taiwan Semiconductor Mfg Ads-AdrTSM	GINN +0.21 points	0.77%	0.56%
Maxlinear, Inc.MXL	TRFM +0.18 points	0.09%	0.27%
Nebius Group NVNBIS	TRFM +0.18 points	0.26%	0.44%
Mercadolibre, Inc.MELI	GINN +0.17 points	0.62%	0.45%
Sentinelone IncS	TRFM +0.16 points	0.13%	0.29%
Varonis Systems, Inc.VRNS	TRFM +0.16 points	0.08%	0.24%
Zeta Global Holdings Corp.ZETA	TRFM +0.13 points	0.10%	0.23%
Silicon Laboratories Inc.SLAB	TRFM +0.12 points	0.11%	0.23%
Symbotic Inc.SYM	TRFM +0.11 points	0.09%	0.20%
Hubspot, Inc.HUBS	TRFM +0.11 points	0.10%	0.21%
Snap Inc.SNAP	TRFM +0.10 points	0.12%	0.22%
Netflix, Inc.NFLX	TRFM +0.11 points	0.45%	0.56%
Visa Inc.V	GINN +0.09 points	0.89%	0.80%
Semtech CorporationSMTC	TRFM +0.08 points	0.15%	0.23%
Ondas Inc.ONDS	TRFM +0.07 points	0.13%	0.20%
Mobileye Global Inc.MBLY	TRFM +0.07 points	0.08%	0.15%
Zscaler, Inc.ZS	TRFM +0.07 points	0.24%	0.31%
Kratos Defense & Security Sol IncKTOS	TRFM +0.06 points	0.14%	0.20%
Aerovironment IncAVAV	TRFM +0.06 points	0.15%	0.21%
Toast, Inc.TOST	TRFM +0.06 points	0.15%	0.21%
Cognex CorporationCGNX	TRFM +0.05 points	0.17%	0.22%
Affirm Holdings, Inc.AFRM	TRFM +0.05 points	0.18%	0.23%
Broadcom Inc.AVGO	TRFM +0.05 points	0.67%	0.72%
Sea Limited-AdrSE	GINN +0.05 points	0.41%	0.36%
Grab Holdings LimitedGRAB	TRFM +0.03 points	0.13%	0.16%
Circle Internet Group, Inc.CRCL	TRFM +0.03 points	0.14%	0.17%
Rivian Automotive IncRIVN	TRFM +0.02 points	0.14%	0.16%
Live Nation Entertainment IncLYV	TRFM +0.01 points	0.22%	0.23%

All 473 GINN 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.

GINN vs TRFM Cost

Overpaying GINN vs TRFM

$187

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

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

Amount$10,000

Years30 years

Cost over time

GINN 0.50%
TRFM 0.49%
Overpaying

Year by year

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

Expense ratio

0.50%GINN
0.49%TRFM, cheaper

TRFM0.49%GINN0.50%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

GINN 6th cheapest of 30 funds

GINN vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GINN 1.16%; TRFM No data
Payout (12M): GINN $0.92; TRFM No data
Last payment: GINN $0.92; TRFM $0.08
Ex-dividend: GINN Dec 23, 2025; TRFM Dec 31, 2025
Paid on: GINN Dec 30, 2025; TRFM Jan 5, 2026
Frequency: GINN Annual; TRFM Irregular

Distribution history

Per share, 2020 to 2026, same scale for both

GINNAnnual · 12 paymentsAll GINN payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

GINN vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GINN 15.1%, betterTRFM 23.3%
Return per unit of riskSharpe ratio, 3 years: GINN 1.16, betterTRFM 1.02
Worst fallMax drawdown, 5 years: GINN −41.3%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: GINN 1.16TRFM 1.64; Market = 1

GINN and TRFM 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, 2026GINN

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GINN vs TRFM

In short

Stated mandate

Why people hold it

Worth knowing

How GINN and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GINN

Only in TRFM

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

How GINN and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in GINN

Only in TRFM

Weight gaps