KOMP vs TRFM: Grades, Fees and Holdings Compared

State Street SPDR S&P Kensho New Economies Composite ETF

KOMPANYSE Arca

AAM Transformers ETF

TRFMANYSE Arca

Overlap

20.3%by weight

Expense ratio

KOMP −0.29pt a year

KOMP0.20%TRFM0.49%

Avg volume · 30D

KOMP 1.7×the volume

KOMP70KTRFM40.1K

KOMP vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

−1.6%KOMP+5.8%TRFM

Expense ratio: KOMP 0.20%, better; TRFM 0.49%
Fund size: KOMP $2.57B; TRFM $313M
1Y total return: KOMP −1.6%; TRFM +5.8%, better
Yield (12M): KOMP 1.63%; TRFM No data
Holdings: KOMP 501; TRFM 266
Avg volume (30D): KOMP 70K sh, better; TRFM 40.1K sh
NAV per share: KOMP $64.63; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for KOMP, TRFM, with each pillar’s weight
Pillar	KOMP	TRFM
Cost30% weight	A100Higher	A81
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	B66Higher
Tradability15% weight	A77Higher	A70
Holdings10% weight	A88	A89Higher
Durability5% weight	A88Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. KOMP 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 ›

KOMP ranks 2nd and TRFM 3rd 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

Our read on each fund

ETF.net Research

KOMPAState Street SPDR S&P Kensho New Economies Composite ETF

TRFMAAAM Transformers ETF

In short

KOMP Most thematic funds bet on one idea. KOMP buys the whole Fourth Industrial Revolution: 20-plus Kensho subsectors, from robotics to genetic engineering, spread across roughly 500 global stocks for 0.20% 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

KOMP The Fund seeks investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Kensho New Economies Composite 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

KOMP 0.20% a year, under a third of the typical disruptive-innovation fund's fee and below peers like XT (0.46%) and TRFM (0.49%).
Kensho's language-processing engine scans regulatory filings for context and keywords, so membership rests on what a company discloses it does, not an old sector label.ssga.com spglobal.com
About 500 global names across 20-plus subsectors, equal weighted within each group with extra weight to 'core' operators. One mega-cap can't run the show.spglobal.com
Trading since 2018 and now a multi-billion-dollar fund, it sits among the strongest implementations in the disruptive-innovation group.

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

KOMP Equal weighting reaches down into smaller, earlier-stage innovators, so swings run wider than a plain broad-market index fund.spglobal.com
Subsector weights follow a risk-adjusted-return formula with annual reconstitution, so the mix drifts toward industries that have recently performed well.ssga.com spglobal.com
Breadth cuts both ways: a pure play on one theme like AI or space gets diluted here across the entire innovation map.spglobal.com

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 KOMP profile⁠

Full TRFM profile⁠

KOMP vs TRFM Holdings

How KOMP and TRFM differ

Overlap by weight

20.3%

Shared holdings make up 40.5% of TRFM and 26.3% of KOMP.

Level by level

Holdings100 in both20.3%
Sector10 Sectors76.4%
Countryby domicile88.3%
Asset classEquity100%

Sector

Sector weights in KOMP and TRFM, widest gap first
Sector	More in KOMPMore in TRFM	KOMP	TRFM
Technology	TRFM +17.0 points	39.5%	56.5%
Health Care	KOMP +15.2 points	15.2%	0.0%
Utilities	TRFM +5.9 points	3.0%	8.9%
Materials	KOMP +2.8 points	3.1%	0.3%
Financials	KOMP +2.6 points	4.2%	1.6%
Industrials	KOMP +1.4 points	22.9%	21.5%
Energy	KOMP +1.3 points	1.5%	0.2%
Consumer Discretionary	TRFM +0.4 points	5.5%	5.9%
Consumer Staples	KOMP +0.3 points	0.6%	0.3%
Communication	TRFM +0.3 points	4.6%	4.9%

Country, concentration and asset class

Country by domicile

Country weights in KOMP and TRFM, widest gap first
Country	More in KOMPMore in TRFM	KOMP	TRFM
United States	KOMP +7.9 points	87.2%	79.3%
Japan	TRFM +3.9 points	0.5%	4.4%
Germany	TRFM +2.1 points	0.0%	2.1%
Israel	KOMP +1.9 points	2.5%	0.6%
France	TRFM +1.1 points	0.0%	1.1%
Netherlands	TRFM +0.9 points	0.3%	1.2%
Sweden	TRFM +0.9 points	0.0%	0.9%
Hong Kong	TRFM +0.6 points	0.0%	0.6%
Other countries (17)	TRFM +0.5 points	9.4%	9.9%

Concentration

Weight in the 10 largest Holdings

KOMP11.1%
TRFM8.6%

Securities held

KOMP498
TRFM266

Asset class

KOMP: Equity
TRFM: Equity

Holdings

Only in KOMP398
In both100
Only in TRFM166

Only in KOMP

398 securities, 73.7% of KOMP by weight

Twist Bioscience Corp1.90%
Ptc Inc1.40%
3D Systems Corp1.18%
Bruker Corp1.12%
Himax Technologies Inc Adr0.90%
Ambarella Inc0.88%
Ouster Inc0.77%
Stratasys Ltd0.70%
Teledyne Technologies Inc0.68%
Kopin Corp0.65%
Leidos Holdings Inc0.64%
Parsons Corp0.61%
Redwire Corp0.52%
Vuzix Corp0.51%
Danaher Corp0.51%
Proto Labs Inc0.51%
Northrop Grumman Corp0.51%
Alarm.com Holdings Inc0.50%
Adt Inc0.50%
Hp Inc0.49%
Intuitive Surgical Inc0.49%
Thermo Fisher Scientific Inc0.49%
Iridium Communications Inc0.47%
Lockheed Martin Corp0.47%
Unusual Machines Inc /Us0.47%
Cabot Corp0.46%
Ameresco Inc Class A0.45%
Autodesk Inc0.45%
Oceaneering Intl Inc0.45%
Nve Corp0.44%
Zebra Technologies Corp Class A0.43%
Viasat Inc0.42%
Novanta Inc0.42%
Forum Energy Technologies In0.40%
Moderna Inc0.40%
Ceva Inc0.39%
Arlo Technologies Inc0.39%
Transalta Corp0.38%
Ringcentral Inc Class A0.38%
Charles River Laboratories0.38%
Johnson Controls Internation0.38%
Shoals Technologies Group A0.37%
Applied Industrial Tech Inc0.37%
Trimble Inc0.36%
Sk Telecom Co Ltd Spon Adr0.36%
Bitmine Immersion Technologi0.36%
Deere & Co0.36%
Alkermes PLC0.35%
Cnh Industrial NV0.35%
Box Inc Class A0.34%

Only in TRFM

166 securities, 59.5% of TRFM by weight

Advanced Micro Devices Inc0.93%
Texas Instruments Inc0.92%
Palantir Technologies Inc0.80%
Cadence Design Systems Inc0.80%
Ciena Corp0.78%
Lumentum Holdings Inc0.77%
Hewlett Packard Enterprise Co0.77%
Intel Corp0.75%
Southern Co/The0.74%
Marvell Technology Inc0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
Astera Labs Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Arista Networks Inc0.72%
Amazon.com Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Oracle Corp0.67%
Snowflake Inc0.66%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Western Digital Corp0.63%
Seagate Technology Holdings PLC0.62%
Alphabet Inc0.62%
Advantest Corp0.60%
Sap SE0.58%
DoorDash Inc0.57%
Howmet Aerospace Inc0.56%
Netflix Inc0.56%
Taiwan Semiconductor Manufacturing Co Ltd0.56%
ASML Holding NV0.56%
Eaton Corp PLC0.53%
Spotify Technology SA0.53%
Murata Manufacturing Co Ltd0.52%
PDD Holdings Inc0.52%
Airbus SE0.51%
CoreWeave Inc0.51%
ARM Holdings PLC0.51%
Infineon Technologies AG0.51%
Tokyo Electron Ltd0.50%
ABB Ltd0.50%

Weight gaps

All 100 Holdings in both funds, largest gap first.

Holding weights in KOMP and TRFM, widest gap first
Holding	More in KOMPMore in TRFM	KOMP	TRFM
Elbit Systems LtdESLT	KOMP +0.87 points	1.10%	0.23%
Unity Software IncU	KOMP +0.76 points	0.97%	0.21%
Visa Inc Class A SharesV	TRFM +0.76 points	0.04%	0.80%
Analog Devices IncADI	TRFM +0.68 points	0.18%	0.86%
Ametek IncAME	TRFM +0.67 points	0.09%	0.76%
Datadog Inc Class ADDOG	TRFM +0.66 points	0.22%	0.88%
Apple IncAAPL	TRFM +0.64 points	0.15%	0.79%
Crowdstrike Holdings Inc ACRWD	TRFM +0.63 points	0.27%	0.90%
Cloudflare Inc Class ANET	TRFM +0.63 points	0.15%	0.78%
Block IncXYZ	TRFM +0.62 points	0.04%	0.66%
Broadcom IncAVGO	TRFM +0.61 points	0.11%	0.72%
Palo Alto Networks IncPANW	TRFM +0.61 points	0.24%	0.85%
Synopsys IncSNPS	TRFM +0.61 points	0.23%	0.84%
Aerovironment IncAVAV	KOMP +0.60 points	0.81%	0.21%
Transdigm Group IncTDG	TRFM +0.57 points	0.16%	0.73%
Shopify Inc Class ASHOP	TRFM +0.56 points	0.06%	0.62%
Microsoft CorpMSFT	TRFM +0.53 points	0.24%	0.77%
Corning IncGLW	TRFM +0.52 points	0.11%	0.63%
Ge Vernova IncGEV	TRFM +0.51 points	0.19%	0.70%
Amphenol Corp Class AAPH	TRFM +0.51 points	0.20%	0.71%
Applied Materials IncAMAT	TRFM +0.51 points	0.21%	0.72%
Uber Technologies IncUBER	TRFM +0.50 points	0.11%	0.61%
Teradyne IncTER	TRFM +0.47 points	0.15%	0.62%
Fortinet IncFTNT	TRFM +0.46 points	0.17%	0.63%
Snap Inc ASNAP	KOMP +0.45 points	0.67%	0.22%
Coherent CorpCOHR	TRFM +0.42 points	0.22%	0.64%
Nextera Energy IncNEE	TRFM +0.39 points	0.30%	0.69%
Cisco Systems IncCSCO	TRFM +0.38 points	0.36%	0.74%
Mercadolibre IncMELI	TRFM +0.38 points	0.07%	0.45%
Alibaba Group Holding Sp AdrBABA	TRFM +0.35 points	0.13%	0.48%
Bloom Energy Corp ABE	TRFM +0.35 points	0.32%	0.67%
Sea Ltd AdrSE	TRFM +0.34 points	0.02%	0.36%
Nebius Group NVNBIS	TRFM +0.30 points	0.14%	0.44%
Atlassian Corp Class ATEAM	KOMP +0.29 points	0.50%	0.21%
Emerson Electric CoEMR	TRFM +0.28 points	0.53%	0.81%
Ondas IncONDS	KOMP +0.28 points	0.48%	0.20%
Micron Technology IncMU	TRFM +0.27 points	0.46%	0.73%
Constellation EnergyCEG	TRFM +0.27 points	0.39%	0.66%
Boeing Co/TheBA	TRFM +0.26 points	0.32%	0.58%
Servicenow IncNOW	TRFM +0.26 points	0.27%	0.53%
On SemiconductorON	KOMP +0.25 points	0.48%	0.23%
Cognex CorpCGNX	KOMP +0.24 points	0.46%	0.22%
Generac Holdings IncGNRC	KOMP +0.24 points	0.49%	0.25%
Axon Enterprise IncAXON	TRFM +0.23 points	0.35%	0.58%
Heico CorpHEI	KOMP +0.22 points	0.45%	0.23%
Roblox Corp Class ARBLX	TRFM +0.21 points	0.07%	0.28%
Kla CorpKLAC	TRFM +0.20 points	0.52%	0.72%
Rockwell Automation IncROK	TRFM +0.20 points	0.55%	0.75%
Corpay IncCPAY	TRFM +0.17 points	0.04%	0.21%
Ormat Technologies IncORA	KOMP +0.17 points	0.37%	0.20%
Global Payments IncGPN	TRFM +0.16 points	0.05%	0.21%
Clearway Energy Inc CCWEN	TRFM +0.15 points	0.08%	0.23%
Chime Financial Inc Class ACHYM	TRFM +0.15 points	0.04%	0.19%
Carpenter TechnologyCRS	KOMP +0.15 points	0.29%	0.14%
Paymentus Holdings Inc APAY	TRFM +0.15 points	0.05%	0.20%
Kratos Defense & SecurityKTOS	KOMP +0.15 points	0.35%	0.20%
Reddit Inc Class ARDDT	TRFM +0.15 points	0.04%	0.19%
Ati IncATI	KOMP +0.14 points	0.33%	0.19%
Silicon Laboratories IncSLAB	KOMP +0.13 points	0.36%	0.23%
Bilibili Inc Sponsored AdrBILI	TRFM +0.14 points	0.03%	0.17%
Circle Internet Group IncCRCL	KOMP +0.14 points	0.31%	0.17%
Dlocal LtdDLO	TRFM +0.13 points	0.04%	0.17%
Enlight Renewable Energy LtdENLT	KOMP +0.13 points	0.31%	0.18%
Samsara Inc Class AIOT	TRFM +0.12 points	0.12%	0.24%
Lincoln Electric HoldingsLECO	TRFM +0.12 points	0.11%	0.23%
Pentair PLCPNR	TRFM +0.11 points	0.11%	0.22%
NVIDIA CorpNVDA	KOMP +0.11 points	0.80%	0.69%
Rivian Automotive Inc ARIVN	KOMP +0.10 points	0.26%	0.16%
Zscaler IncZS	TRFM +0.09 points	0.22%	0.31%
Garmin LtdGRMN	TRFM +0.09 points	0.11%	0.20%
Mirion Technologies IncMIR	TRFM +0.09 points	0.16%	0.25%
Mercury Systems IncMRCY	TRFM +0.09 points	0.13%	0.22%
Lattice Semiconductor CorpLSCC	KOMP +0.09 points	0.29%	0.20%
Sentinelone Inc Class AS	TRFM +0.09 points	0.20%	0.29%
Grab Holdings Ltd Class AGRAB	TRFM +0.08 points	0.08%	0.16%
Ttm TechnologiesTTMI	TRFM +0.08 points	0.09%	0.17%
Bwx Technologies IncBWXT	TRFM +0.08 points	0.11%	0.19%
Nxp Semiconductors NVNXPI	TRFM +0.07 points	0.17%	0.24%
Workiva IncWK	KOMP +0.06 points	0.30%	0.24%
Embraer SA Spon AdrEMBJ	KOMP +0.06 points	0.27%	0.21%
Xpeng Inc AdrXPEV	KOMP +0.06 points	0.23%	0.17%
Allegro Microsystems IncALGM	TRFM +0.07 points	0.14%	0.21%
Symbotic IncSYM	TRFM +0.06 points	0.14%	0.20%
Nrg Energy IncNRG	TRFM +0.06 points	0.14%	0.20%
Nextpower IncNXT	TRFM +0.05 points	0.16%	0.21%
Rubrik Inc ARBRK	TRFM +0.05 points	0.28%	0.33%
Nio Inc AdrNIO	KOMP +0.05 points	0.22%	0.17%
Meta Platforms Inc Class AMETA	TRFM +0.05 points	0.71%	0.76%
Roku IncROKU	KOMP +0.04 points	0.26%	0.22%
Karman Holdings IncKRMN	TRFM +0.04 points	0.19%	0.23%
Varonis Systems IncVRNS	TRFM +0.04 points	0.20%	0.24%
Dover CorpDOV	TRFM +0.04 points	0.21%	0.25%
Flowserve CorpFLS	KOMP +0.03 points	0.26%	0.23%
Li Auto Inc AdrLI	KOMP +0.02 points	0.20%	0.18%
Rocket Lab CorpRKLB	KOMP +0.01 points	0.22%	0.21%
Tesla IncTSLA	KOMP +0.02 points	0.81%	0.80%
Mobileye Global Inc AMBLY	KOMP +0.02 points	0.17%	0.15%
Sailpoint IncSAIL	KOMP +0.01 points	0.26%	0.25%
Acuity IncAYI	Same weight	0.23%	0.23%
Hexcel CorpHXL	Same weight	0.19%	0.19%

All 499 KOMP 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.

KOMP vs TRFM Cost

Overpaying TRFM vs KOMP

$5,637

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

KOMP 0.20%
$4,155
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

KOMP 0.20%
TRFM 0.49%
Overpaying

Year by year

Year	KOMP	TRFM	Overpaying
10	$365	$883	$518
20	$1,421	$3,394	$1,973
30	$4,155	$9,792	$5,637

Expense ratio

0.20%KOMP, cheaper
0.49%TRFM

KOMP0.20%TRFM0.49%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

KOMP cheapest of 30 funds

TRFM 4th cheapest of 30 funds

KOMP vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KOMP 1.63%; TRFM No data
Payout (12M): KOMP $1.02; TRFM No data
Last payment: KOMP $0.13; TRFM $0.08
Ex-dividend: KOMP Sep 21, 2026; TRFM Dec 31, 2025
Paid on: KOMP Sep 23, 2026; TRFM Jan 5, 2026
Frequency: KOMP Quarterly; TRFM Irregular

Distribution history

Per share, 2018 to 2026, same scale for both

KOMPQuarterly · 33 paymentsAll KOMP payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

KOMP vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: KOMP 22.3%, betterTRFM 23.3%
Return per unit of riskSharpe ratio, 3 years: KOMP 0.76TRFM 1.02, better
Worst fallMax drawdown, 5 years: KOMP −45.4%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: KOMP 1.65TRFM 1.64; Market = 1

KOMP and TRFM in the news

All news⁠

New ETFs
Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share
Oct 27, 2026KOMP
Deep Dive
Disruptive innovation ETFs share a label, not a portfolio
Sep 11, 2026KOMP

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KOMP vs TRFM

In short

Stated mandate

Why people hold it

Worth knowing

How KOMP and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KOMP

Only in TRFM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tuttle's GANZ looks for a theme's suppliers, but its own rule gives them the smaller share

Disruptive innovation ETFs share a label, not a portfolio

How KOMP and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in KOMP

Only in TRFM

Weight gaps