TEC vs TRFM: Grades, Fees and Holdings Compared

Harbor Transformative Technologies ETF (TEC)

TECCNYSE Arca

AAM Transformers ETF

TRFMANYSE Arca

Overlap

24.7%by weight

Expense ratio

TRFM −0.20pt a year

TEC0.69%TRFM0.49%

Avg volume · 30D

TRFM 100.4×the volume

TEC399TRFM40.1K

TEC vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

+7.2%TEC+5.8%TRFM

Expense ratio: TEC 0.69%; TRFM 0.49%, better
Fund size: TEC $6M; TRFM $313M
1Y total return: TEC +7.2%, better; TRFM +5.8%
Holdings: TEC 44; TRFM 266
Avg volume (30D): TEC 399 sh; TRFM 40.1K sh, better
NAV per share: TEC $31.68; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for TEC, TRFM, with each pillar’s weight
Pillar	TEC	TRFM
Cost30% weight	C40	A81Higher
Mission25% weight	A80	Not scored
Risk15% weight	B65	B66Higher
Tradability15% weight	D39	A70Higher
Holdings10% weight	C46	A89Higher
Durability5% weight	F17	C50Higher

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. TEC 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 TEC 16th 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 16CILDRFirst Trust Innovation Leaders ETFScore 44
Rank 16CTECHarbor Transformative Technologies ETF (TEC)Score 44
Rank 18CLOUPInnovator Deepwater Frontier Tech ETFScore 42

Our read on each fund

ETF.net Research

TECCHarbor Transformative Technologies ETF (TEC)

TRFMAAAM Transformers ETF

In short

TEC A stock-picker's swing at disruptive tech. Harbor hands the keys to Jennison, whose team runs a concentrated, go-anywhere book of roughly 40 names tied to transformative technology. Active conviction, not an index screen.

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

TEC The Fund normally invests at least 80% of its assets in securities of companies across any sector whose growth potential is tied to transformative technologies. These technologies use innovation to change how consumers, businesses, or industries operate.

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

TEC Jennison Associates runs the portfolio, the growth-equity shop Harbor has partnered with for over 50 years.businesswire.com
Go-anywhere mandate: at least 80% of assets in companies from any sector whose growth is tied to transformative technology, not only names filed under tech.
Concentrated by design: roughly 40 holdings and non-diversified status mean individual winners can actually move the fund.aaii.com
What's inside lines up closely with the transformative-tech mandate in the prospectus.

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

TEC The 0.69% fee sits above index-built rivals like KOMP (0.20%) and XT (0.46%). Active selection is the thing you're paying up for.
Launched in 2025, so the live record is short, the asset base small, and thin trading can widen the gap between bid and ask.
Pure growth mandate with no income stream, and concentration cuts both ways when a top holding stumbles.

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 TEC profile⁠

Full TRFM profile⁠

TEC vs TRFM Holdings

How TEC and TRFM differ

Overlap by weight

24.7%

Shared holdings make up 92.9% of TEC and 24.9% of TRFM.

Level by level

Holdings38 in both24.7%
Sector10 Sectors71.4%
Countryby domicile84.3%
Asset classEquity100%

Sector

Sector weights in TEC and TRFM, widest gap first
Sector	More in TECMore in TRFM	TEC	TRFM
Industrials	TRFM +19.4 points	2.1%	21.5%
Technology	TEC +17.3 points	73.8%	56.5%
Utilities	TRFM +7.8 points	1.1%	8.9%
Communication	TEC +5.1 points	10.0%	4.9%
Health Care	TEC +3.9 points	3.9%	0.0%
Consumer Discretionary	TEC +2.4 points	8.3%	5.9%
Financials	TRFM +0.6 points	1.0%	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 TEC and TRFM, widest gap first
Country	More in TECMore in TRFM	TEC	TRFM
United States	TEC +13.8 points	93.1%	79.3%
Japan	TRFM +4.4 points	0.0%	4.4%
China	TRFM +3.2 points	0.0%	3.2%
Germany	TRFM +2.1 points	0.0%	2.1%
France	TRFM +1.1 points	0.0%	1.1%
Brazil	TRFM +1.0 points	0.0%	1.0%
Sweden	TRFM +0.9 points	0.0%	0.9%
Netherlands	TEC +0.7 points	1.9%	1.2%
Other countries (12)	TRFM +1.9 points	5.0%	6.9%

Concentration

Weight in the 10 largest Holdings

TEC50.8%
TRFM8.6%

Securities held

TEC44
TRFM266

Asset class

TEC: Equity
TRFM: Equity

Holdings

Only in TEC6
In both38
Only in TRFM228

Only in TEC

6 securities, 7.1% of TEC by weight

Roivant Sciences Ltd1.67%
Space Exploration Techn-Cl A1.47%
Intuitive Surgical Inc1.39%
Vertex Pharmaceuticals Inc1.18%
Mastercard Inc - A1.13%
Quantinuum Inc-A0.20%

Only in TRFM

228 securities, 75.1% of TRFM by weight

Texas Instruments Inc0.92%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Ciena Corp0.78%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Rockwell Automation Inc0.75%
Intel Corp0.75%
Southern Co/The0.74%
Cisco Systems Inc0.74%
Marvell Technology Inc0.74%
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%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Bloom Energy Corp0.67%
Block Inc0.66%
Salesforce Inc0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Coherent Corp0.64%
Western Digital Corp0.63%
Fortinet Inc0.63%
Corning Inc0.63%
Teradyne Inc0.62%
Seagate Technology Holdings PLC0.62%
Uber Technologies Inc0.61%
Advantest Corp0.60%
Boeing Co/The0.58%
Sap SE0.58%
Axon Enterprise Inc0.58%
DoorDash Inc0.57%
Howmet Aerospace Inc0.56%
Eaton Corp PLC0.53%
Spotify Technology SA0.53%
Murata Manufacturing Co Ltd0.52%
PDD Holdings Inc0.52%
Airbus SE0.51%
CoreWeave Inc0.51%

Weight gaps

All 38 Holdings in both funds, largest gap first.

Holding weights in TEC and TRFM, widest gap first
Holding	More in TECMore in TRFM	TEC	TRFM
Apple IncAAPL	TEC +8.19 points	8.98%	0.79%
NVIDIA CorpNVDA	TEC +6.10 points	6.79%	0.69%
Microsoft CorpMSFT	TEC +5.76 points	6.53%	0.77%
Amazon.com IncAMZN	TEC +4.53 points	5.23%	0.70%
Alphabet Inc-Cl AGOOGL	TEC +4.31 points	4.93%	0.62%
Advanced Micro DevicesAMD	TEC +4.14 points	5.07%	0.93%
Snowflake IncSNOW	TEC +2.91 points	3.57%	0.66%
Lam Research CorpLRCX	TEC +2.82 points	3.47%	0.65%
Micron Technology IncMU	TEC +2.42 points	3.15%	0.73%
Broadcom IncAVGO	TEC +2.40 points	3.12%	0.72%
Crowdstrike Holdings Inc - ACRWD	TEC +2.19 points	3.09%	0.90%
Meta Platforms Inc-Class AMETA	TEC +2.17 points	2.93%	0.76%
Arista Networks IncANET	TEC +1.93 points	2.65%	0.72%
Tesla IncTSLA	TEC +1.90 points	2.70%	0.80%
Datadog Inc - Class ADDOG	TEC +1.90 points	2.78%	0.88%
Onto Innovation IncONTO	TEC +1.55 points	1.75%	0.20%
Asml Holding Nv-Ny Reg ShsASML	TEC +1.38 points	1.94%	0.56%
Palo Alto Networks IncPANW	TEC +1.29 points	2.14%	0.85%
Lattice Semiconductor CorpLSCC	TEC +1.27 points	1.47%	0.20%
Shopify Inc - Class ASHOP	TEC +1.12 points	1.74%	0.62%
Analog Devices IncADI	TEC +1.01 points	1.87%	0.86%
Taiwan Semiconductor-Sp AdrTSM	TEC +1.00 points	1.56%	0.56%
Samsara Inc-Cl AIOT	TEC +0.88 points	1.12%	0.24%
Palantir Technologies Inc-APLTR	TEC +0.85 points	1.65%	0.80%
Credo Technology Group HoldiCRDO	TEC +0.81 points	1.04%	0.23%
Keysight Technologies InKEYS	TEC +0.65 points	1.38%	0.73%
Constellation EnergyCEG	TEC +0.47 points	1.13%	0.66%
Airbnb Inc-Class AABNB	TEC +0.45 points	1.09%	0.64%
Netflix IncNFLX	TEC +0.39 points	0.95%	0.56%
Oracle CorpORCL	TEC +0.36 points	1.03%	0.67%
Cloudflare Inc - Class ANET	TEC +0.34 points	1.12%	0.78%
Lumentum Holdings IncLITE	TEC +0.24 points	1.01%	0.77%
Cadence Design Sys IncCDNS	TEC +0.18 points	0.98%	0.80%
Servicenow IncNOW	TEC +0.18 points	0.71%	0.53%
Cerebras Systems Inc - ACBRS	TRFM +0.12 points	0.31%	0.43%
Ge Vernova IncGEV	TEC +0.06 points	0.76%	0.70%
Vertiv Holdings Co-AVRT	TEC +0.05 points	0.70%	0.65%
Arm Holdings Plc-AdrARM	Same weight	0.51%	0.51%

All 44 TEC 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.

TEC vs TRFM Cost

Overpaying TEC vs TRFM

$3,637

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

TEC 0.69%
$13,429
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

TEC 0.69%
TRFM 0.49%
Overpaying

Year by year

Year	TEC	TRFM	Overpaying
10	$1,232	$883	$349
20	$4,697	$3,394	$1,303
30	$13,429	$9,792	$3,637

Expense ratio

0.69%TEC
0.49%TRFM, cheaper

TRFM0.49%TEC0.69%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

TEC 18th cheapest of 30 funds

TEC vs TRFM Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2025 to 2026, same scale for both

TECAll TEC payments⁠

No distribution history available.

TRFMIrregular · 1 paymentAll TRFM payments⁠

TEC vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TEC 23.6%since May 2025TRFM 23.3%
Return per unit of riskSharpe ratio, 3 years: TEC 1.07since May 2025TRFM 1.02
Worst fallMax drawdown, 5 years: TEC −17.5%since Apr 2025TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: TEC 1.61TRFM 1.64; Market = 1

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