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GXDW vs TRFM

Global X Dorsey Wright Thematic ETF

GXDWCNasdaq

AAM Transformers ETF

TRFMANYSE Arca

Overlap

0.0%by weight

Expense ratio

TRFM −0.01pt a year

GXDW0.50%TRFM0.49%

Avg volume · 30D

TRFM 13.6×the volume

GXDW2.94KTRFM40.1K

GXDW vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

−14.8%GXDW+5.8%TRFM

Oct 31, 2025 to Oct 30, 2026. GXDW −14.8%. TRFM +5.8%. Use the arrow keys to read each point.−20%0%20%Oct 2025Apr 2026Oct 2026
Expense ratio
GXDW 0.50%
TRFM 0.49%, better
Fund size
GXDW $6M
TRFM $313M
1Y total return
GXDW −14.8%
TRFM +5.8%, better
Yield (12M)
GXDW 1.53%
TRFM No data
Holdings
GXDW 6
TRFM 266
Avg volume (30D)
GXDW 2.94K sh
TRFM 40.1K sh, better
NAV per share
GXDW $23.47
TRFM $53.79
52W range

ETF.net Grade

GXDW: Cost 81, Risk 21, Mission not scored, Tradability 29, Holdings 28, Durability 37. TRFM: Cost 81, Risk 66, Mission not scored, Tradability 70, Holdings 89, Durability 50.
Pillar letters and Scores for GXDW, TRFM, with each pillar’s weight
PillarGXDWTRFM
Cost30% weightA81A81
Mission25% weightNot scoredNot scored
Risk15% weightF21B66Higher
Tradability15% weightD29A70Higher
Holdings10% weightD28A89Higher
Durability5% weightD37C50Higher

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. GXDW 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 GXDW 15th 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 14CNBDSNeuberger Berman Disrupters ETFScore 50
  6. Rank 15CGXDWGlobal X Dorsey Wright Thematic ETFScore 48
  7. Rank 16CILDRFirst Trust Innovation Leaders ETFScore 44

Our read on each fund

ETF.net Research

GXDWCGlobal X Dorsey Wright Thematic ETF

TRFMAAAM Transformers ETF

In short

GXDW Momentum traffic control for Global X's own theme lineup. Since its 2025 rebuild, GXDW holds the five Global X thematic ETFs showing the strongest relative strength, and it can reshuffle them monthly as leadership changes.

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

GXDW The fund seeks to track, before fees and expenses, the price and yield performance of the Nasdaq Dorsey Wright Thematic Rotation Total Return Index.

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

  • GXDW Rules, not hunches: the index ranks Global X's thematic ETFs on relative price strength, holds the top five at equal weight, and can reconstitute monthly.globalxetfs.comnasdaq.comglobalxetfs.com 2
  • One ticker covers five themes at once, so you are not maintaining a shelf of single-theme funds or deciding by hand when to swap one out.globalxetfs.com
  • The 0.50% expense ratio runs below the median fee in its disruptive-innovation peer group, and that covers the rotation work too.
  • Selection keys off price behavior rather than earnings forecasts, which makes the process easy to audit: strongest recent trend in, laggards out.globalxetfs.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

  • GXDW The menu is in-house. The index ranks only Global X's own thematic ETFs, so a leading theme run by another issuer cannot be picked up.globalxetfs.comnasdaq.com
  • Momentum follows price, so themes get added after a run and dropped after they stall. Choppy, trendless markets are the hard case for this design.globalxetfs.com
  • It stays a small, lightly traded fund, so spreads can be wider than the category's household names, and cheaper broad innovation options exist (KOMP charges 0.20%).
  • 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 GXDW profile⁠

Full TRFM profile⁠

GXDW vs TRFM Holdings

As of

How GXDW and TRFM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of GXDW and 0.0% of TRFM.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile88.3%
  • Asset classEquity100%

Sector

No Sector split for GXDW.

Country, concentration and asset class

Country by domicile

Country weights in GXDW and TRFM, widest gap first
CountryMore in GXDWMore in TRFM
United StatesGXDW +7.6 points
JapanTRFM +2.9 points
ChinaTRFM +1.9 points
AustraliaGXDW +1.4 points
South KoreaGXDW +1.2 points
GermanyTRFM +1.1 points
FranceTRFM +1.1 points
BrazilTRFM +1.0 points
Other countries (17)TRFM +2.3 points

Concentration

Weight in the 10 largest Holdings

  • GXDW100.1%
  • TRFM8.6%

Securities held

  • GXDW6
  • TRFM266

Asset class

GXDW
Equity
TRFM
Equity

Holdings

  • Only in GXDW6
  • In both0
  • Only in TRFM266

Only in GXDW

6 securities, 100% of GXDW by weight

  • Global X Cybersecurity Etf21.24%
  • Global X Cloud Computing Etf21.06%
  • Global X Art Intel & Tech20.38%

Only in TRFM

266 securities, 100% of TRFM by weight

  • Advanced Micro Devices Inc0.93%
  • Texas Instruments Inc0.92%
  • Crowdstrike Holdings Inc0.90%

Weight gaps

GXDW and TRFM share no securities.

All 5 GXDW 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.

GXDW vs TRFM Cost

Overpaying GXDW vs TRFM

$187

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

  • GXDW 0.50%

    $9,979

  • TRFM 0.49%

    $9,792

$10,000
30 years

Cost over time

  • GXDW 0.50%
  • TRFM 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530GXDW $9,979TRFM $9,792

Year by year

YearGXDWTRFMOverpaying
10$900$883$17
20$3,460$3,394$66
30$9,979$9,792$187

Expense ratio

  • 0.50%GXDW
  • 0.49%TRFM, cheaper
  • Middle half of Disruptive Innovation funds
  • Median 0.65%

TRFM 4th cheapest of 30 funds

GXDW 6th cheapest of 30 funds

GXDW vs TRFM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
GXDW 1.53%
TRFM No data
Payout (12M)
GXDW $0.36
TRFM No data
Last payment
GXDW $0.08
TRFM $0.08
Ex-dividend
GXDW Jun 29, 2026
TRFM Dec 31, 2025
Paid on
GXDW Jul 7, 2026
TRFM Jan 5, 2026
Frequency
GXDW Twice a year
TRFM Irregular

Distribution history

Per share, 2019 to 2026, same scale for both

GXDWTwice a year · 14 paymentsAll GXDW payments⁠
One bar per payment. 14 payments from 2019 to 2026 YTD. Dec 30, 2019 $0.08; Jun 29, 2020 $0.02; Dec 30, 2020 $0.19; Jun 29, 2021 $0.11; Dec 30, 2021 $0.59; Jun 29, 2022 $0.04; Dec 29, 2022 $0.30; Jun 29, 2023 $0.11; Dec 28, 2023 $0.38; Jun 27, 2024 $0.13; Dec 30, 2024 $0.13; Jun 27, 2025 $0.06; Dec 30, 2025 $0.28; Jun 29, 2026 $0.08. Use the arrow keys to read each point.$0$0.50202020232026YTD
TRFMIrregular · 1 paymentAll TRFM payments⁠
One bar per payment. 1 payment from 2019 to 2026 YTD. Dec 31, 2025 $0.08. Use the arrow keys to read each point.$0$0.50202020232026YTD

GXDW vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GXDW 25.1%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years
GXDW 0.14TRFM 1.02, better
Worst fallMax drawdown, 5 years
GXDW −60.4%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years
GXDW 1.72TRFM 1.64

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