SPRX vs TRFM: Grades, Fees and Holdings Compared

Spear Alpha ETF

SPRXDNasdaq

AAM Transformers ETF

TRFMANYSE Arca

Overlap

10.4%by weight

Expense ratio

TRFM −0.26pt a year

SPRX0.75%TRFM0.49%

Avg volume · 30D

SPRX 2.1×the volume

SPRX82.8KTRFM40.1K

SPRX vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

−16.0%SPRX+5.8%TRFM

Expense ratio: SPRX 0.75%; TRFM 0.49%, better
Fund size: SPRX $177M; TRFM $313M
1Y total return: SPRX −16.0%; TRFM +5.8%, better
Yield (12M): SPRX 0.00%; TRFM No data
Holdings: SPRX 27; TRFM 266
Avg volume (30D): SPRX 82.8K sh, better; TRFM 40.1K sh
NAV per share: SPRX $36.75; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for SPRX, TRFM, with each pillar’s weight
Pillar	SPRX	TRFM
Cost30% weight	F22	A81Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F14	B66Higher
Tradability15% weight	A78Higher	A70
Holdings10% weight	D25	A89Higher
Durability5% weight	C52Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. SPRX 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 SPRX 26th 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 26DDUNKDana Unconstrained Equity ETFScore 34
Rank 26DSPRXSpear Alpha ETFScore 34
Rank 28DTMATMain Thematic Innovation ETFScore 33

Our read on each fund

ETF.net Research

SPRXDSpear Alpha ETF

TRFMAAAM Transformers ETF

In short

SPRX Most innovation ETFs buy the theme off an index. Spear Alpha is one analyst's research book: founder Ivana Delevska hand-picks a concentrated set of industrial-technology companies, from factory-floor digitalization to space, and trades them actively.

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

SPRX The fund seeks long-term capital growth by actively investing mainly in equity securities of companies that the adviser believes may benefit from major advances in industrial technology.

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

SPRX Actively run, not an index in disguise: the adviser picks companies across industrial-tech supply chains using primary research and direct contact with management.prnewswire.com spear-invest.com
The unglamorous end of innovation: robotics, manufacturing digitalization, photonics and space, mostly via companies the prospectus pegs in the $10B to $100B range.spear-invest.com prnewswire.com
Trades smoothly for a boutique product, one of the stronger showings on execution in its innovation peer group, and the founding manager has run it since the 2021 launch.prnewswire.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

SPRX 0.75% a year is above the typical fee in its cohort, and index rivals on the same theme (KOMP, XT) cost far less. That gap is what the stock-picking has to cover.
Non-diversified by design, so single names swing the fund, and the prospectus notes an active approach that turns the portfolio over heavily.spear-invest.com spear-invest.com 2
The stated goal is long-term capital growth, not income. One manager's judgment drives results, for better and worse.sec.gov

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 SPRX profile⁠

Full TRFM profile⁠

SPRX vs TRFM Holdings

How SPRX and TRFM differ

Overlap by weight

10.4%

Shared holdings make up 90.6% of SPRX and 13.1% of TRFM.

Level by level

Holdings23 in both10.4%
Sector9 Sectors67.1%
Countryby domicile79.3%
Asset classEquity100%

Sector

Sector weights in SPRX and TRFM, widest gap first
Sector	More in SPRXMore in TRFM	SPRX	TRFM
Technology	SPRX +32.3 points	88.8%	56.5%
Industrials	TRFM +12.5 points	9.0%	21.5%
Utilities	TRFM +8.9 points	0.0%	8.9%
Consumer Discretionary	TRFM +5.9 points	0.0%	5.9%
Communication	TRFM +4.8 points	0.1%	4.9%
Financials	SPRX +0.5 points	2.1%	1.6%
Materials	TRFM +0.3 points	0.0%	0.3%
Consumer Staples	TRFM +0.3 points	0.0%	0.3%
Energy	TRFM +0.2 points	0.0%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in SPRX and TRFM, widest gap first
Country	More in SPRXMore in TRFM	SPRX	TRFM
United States	SPRX +16.8 points	96.1%	79.3%
Japan	TRFM +4.4 points	0.0%	4.4%
Finland	SPRX +3.9 points	3.9%	0.0%
China	TRFM +3.2 points	0.0%	3.2%
Germany	TRFM +2.1 points	0.0%	2.1%
Canada	TRFM +1.4 points	0.0%	1.4%
Taiwan	TRFM +1.4 points	0.0%	1.4%
Netherlands	TRFM +1.2 points	0.0%	1.2%
Other countries (13)	TRFM +7.1 points	0.0%	7.1%

Concentration

Weight in the 10 largest Holdings

SPRX70.6%
TRFM8.6%

Securities held

SPRX26
TRFM266

Asset class

SPRX: Equity
TRFM: Equity

Holdings

Only in SPRX3
In both23
Only in TRFM243

Only in SPRX

3 securities, 9.2% of SPRX by weight

Space Exploration Technologies Corp5.29%
Nokia Oyj3.95%
AST SpaceMobile Inc<0.01%

Only in TRFM

243 securities, 86.9% of TRFM by weight

Texas Instruments Inc0.92%
Datadog Inc0.88%
Analog Devices Inc0.86%
Palo Alto Networks Inc0.85%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Palantir Technologies Inc0.80%
Tesla Inc0.80%
Cadence Design Systems Inc0.80%
Apple Inc0.79%
Microsoft Corp0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
Intel Corp0.75%
Southern Co/The0.74%
Cisco Systems Inc0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
TransDigm Group Inc0.73%
Micron Technology Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Broadcom Inc0.72%
Amphenol Corp0.71%
GE Vernova Inc0.70%
Amazon.com Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
NVIDIA Corp0.69%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Oracle Corp0.67%
Bloom Energy Corp0.67%
Block Inc0.66%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Western Digital Corp0.63%
Fortinet Inc0.63%
Corning Inc0.63%
Seagate Technology Holdings PLC0.62%
Alphabet Inc0.62%
Shopify Inc0.62%

Weight gaps

All 23 Holdings in both funds, largest gap first.

Holding weights in SPRX and TRFM, widest gap first
Holding	More in SPRXMore in TRFM	SPRX	TRFM
Astera Labs IncALAB	SPRX +10.62 points	11.35%	0.73%
Cloudflare IncNET	SPRX +7.72 points	8.50%	0.78%
Lumentum Holdings IncLITE	SPRX +7.20 points	7.97%	0.77%
ARM Holdings PLCARM	SPRX +7.02 points	7.53%	0.51%
Coherent CorpCOHR	SPRX +6.55 points	7.19%	0.64%
Lam Research CorpLRCX	SPRX +6.23 points	6.88%	0.65%
Applied Optoelectronics IncAAOI	SPRX +5.52 points	5.70%	0.18%
Ciena CorpCIEN	SPRX +4.67 points	5.45%	0.78%
Credo Technology Group Holding LtdCRDO	SPRX +4.34 points	4.57%	0.23%
MKS IncMKSI	SPRX +4.13 points	4.33%	0.20%
Kla CorpKLAC	SPRX +4.02 points	4.74%	0.72%
Viavi Solutions IncVIAV	SPRX +3.15 points	3.37%	0.22%
Zscaler IncZS	SPRX +3.06 points	3.37%	0.31%
Teradyne IncTER	SPRX +2.69 points	3.31%	0.62%
Marvell Technology IncMRVL	SPRX +2.56 points	3.30%	0.74%
Arista Networks IncANET	SPRX +0.68 points	1.40%	0.72%
Snowflake IncSNOW	TRFM +0.66 points	<0.01%	0.66%
Constellation Energy CorpCEG	TRFM +0.66 points	<0.01%	0.66%
Meta Platforms IncMETA	TRFM +0.61 points	0.15%	0.76%
Crowdstrike Holdings IncCRWD	TRFM +0.28 points	0.62%	0.90%
Karman Holdings IncKRMN	TRFM +0.20 points	0.03%	0.23%
Advanced Micro Devices IncAMD	TRFM +0.14 points	0.79%	0.93%
Kratos Defense & Security Solutions IncKTOS	TRFM +0.12 points	0.08%	0.20%

All 23 SPRX 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.

SPRX vs TRFM Cost

Overpaying SPRX vs TRFM

$4,690

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

SPRX 0.75%
$14,482
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

SPRX 0.75%
TRFM 0.49%
Overpaying

Year by year

Year	SPRX	TRFM	Overpaying
10	$1,336	$883	$453
20	$5,078	$3,394	$1,684
30	$14,482	$9,792	$4,690

Expense ratio

0.75%SPRX
0.49%TRFM, cheaper

TRFM0.49%SPRX0.75%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

SPRX 20th cheapest of 30 funds

SPRX vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPRX 0.00%; TRFM No data
Payout (12M): SPRX None; TRFM No data
Last payment: SPRX No data; TRFM $0.08
Ex-dividend: SPRX No data; TRFM Dec 31, 2025
Paid on: SPRX No data; TRFM Jan 5, 2026
Frequency: SPRX No data; TRFM Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

SPRX1 paymentAll SPRX payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

SPRX vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPRX 42.9%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years: SPRX 0.76TRFM 1.02, better
Worst fallMax drawdown, 5 years: SPRX −51.2%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: SPRX 2.22TRFM 1.64; Market = 1

SPRX and TRFM in the news

All news⁠

Top Movers
Tanker ETF gains 8.4% as crude falls
Sep 16, 2026SPRX

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SPRX vs TRFM

In short

Stated mandate

Why people hold it

Worth knowing

How SPRX and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPRX

Only in TRFM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tanker ETF gains 8.4% as crude falls

How SPRX and TRFM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPRX

Only in TRFM

Weight gaps