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TNXT vs TRFM

T. Rowe Price Innovation Leaders ETF

TNXTBNasdaq

AAM Transformers ETF

TRFMANYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

TNXT0.49%TRFM0.49%

Avg volume · 30D

TRFM 58.6×the volume

TNXT684TRFM40.1K

TNXT vs TRFM Performance

Jul 31, 2026 – Oct 30, 2026

+2.6%TNXT−7.0%TRFM

Jul 31, 2026 to Oct 30, 2026. TNXT +2.6%. TRFM −7.0%. Use the arrow keys to read each point.−5%−2.5%0%5%7.5%Jul 2026Sep 2026Oct 2026
Expense ratio
TNXT 0.49%
TRFM 0.49%
Fund size
TNXT $19M
TRFM $313M
1Y total return
TNXT No data
TRFM +5.8%
Holdings
TNXT 261
TRFM 266
Avg volume (30D)
TNXT 684 sh
TRFM 40.1K sh, better
NAV per share
TNXT $27.79
TRFM $53.79
52W range

ETF.net Grade

TNXT: Cost 81, Risk 88, Mission not scored, Tradability 23, Holdings 72, Durability 25. TRFM: Cost 81, Risk 66, Mission not scored, Tradability 70, Holdings 89, Durability 50.
Pillar letters and Scores for TNXT, TRFM, with each pillar’s weight
PillarTNXTTRFM
Cost30% weightA81A81
Mission25% weightNot scoredNot scored
Risk15% weightA88HigherB66
Tradability15% weightF23A70Higher
Holdings10% weightA72A89Higher
Durability5% weightD25C50Higher

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. TNXT 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 TNXT 6th 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 6BFDTXFidelity Disruptive Technology ETFScore 65
  6. Rank 6BTNXTT. Rowe Price Innovation Leaders ETFScore 65
  7. Rank 9BFRWDNomura Transformational Technologies ETFScore 59

Our read on each fund

ETF.net Research

TNXTBT. Rowe Price Innovation Leaders ETF

TRFMAAAM Transformers ETF

In short

TNXT T. Rowe Price's answer to disruptive innovation is the un-concentrated one: an active book of roughly 150 to 250 innovators across tech, healthcare and financials, priced under the typical thematic fund.

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

TNXT The fund seeks long-term capital growth by investing in companies leading innovation and developing advanced technologies, products, or services. Its approach combines evaluation of innovation-driven growth trends with fundamental, bottom-up company analysis.

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

  • TNXT A 0.49% expense ratio puts an actively managed, research-driven thematic fund below the median fee in its disruptive-innovation peer group.troweprice.com
  • Anticipates 150 to 250 holdings, spreading the theme across a broad roster instead of a handful of high-conviction names.troweprice.com
  • Innovation is not treated as a tech-only story: the mandate spans technology, healthcare and financials, with room to follow new ideas into other industries.troweprice.com
  • Two portfolio managers from T. Rowe Price's Multi-Asset Division run it, pairing top-down innovation-trend work with bottom-up company research.troweprice.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

  • TNXT Launched in 2026, so there is no long track record yet and risk readings rest on a short history.
  • Assets and trading are still small, which can mean wider spreads than the category's heavily traded names.
  • Index-based peers such as KOMP charge 0.20%, so the extra fee here buys active stock picking rather than cheap beta.
  • 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 TNXT profile⁠

Full TRFM profile⁠

TNXT vs 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.

TNXT vs TRFM Cost

Same expense ratio

$9,792

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

  • TNXT 0.49%

    $9,792

  • TRFM 0.49%

    $9,792

$10,000
30 years

Cost over time

  • TNXT 0.49%
  • TRFM 0.49%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530TNXT $9,792TRFM $9,792

Year by year

YearTNXTTRFM
10$883$883
20$3,394$3,394
30$9,792$9,792

Expense ratio

  • 0.49%TNXT
  • 0.49%TRFM
  • Middle half of Disruptive Innovation funds
  • Median 0.65%

TNXT 4th cheapest of 30 funds

TRFM 4th cheapest of 30 funds

TNXT vs TRFM Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
TNXT None
TRFM No data
Last payment
TNXT No data
TRFM $0.08
Ex-dividend
TNXT No data
TRFM Dec 31, 2025
Paid on
TNXT No data
TRFM Jan 5, 2026
Frequency
TNXT No data
TRFM Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

TNXTAll TNXT payments⁠

No distribution history available.

TRFMIrregular · 1 paymentAll TRFM payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.08. Use the arrow keys to read each point.$0$0.052026YTD

TNXT vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TNXT No dataTRFM 23.3%
Return per unit of riskSharpe ratio, 3 years
TNXT No dataTRFM 1.02
Worst fallMax drawdown, 5 years
TNXT No dataTRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years
TNXT 1.22TRFM 1.64

TNXT and TRFM in the news

All news⁠

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