TRFM vs TSNF: Grades, Fees and Holdings Compared

AAM Transformers ETF

TRFMANYSE Arca

Truth Social American Next Frontiers ETF

TSNFBNYSE Arca

Overlap

20.4%by weight

Expense ratio

TRFM −0.16pt a year

TRFM0.49%TSNF0.65%

Avg volume · 30D

TRFM 9.8×the volume

TRFM40.1KTSNF4.07K

TRFM vs TSNF Performance

Dec 31, 2025 – Oct 30, 2026

+12.8%TRFM+16.3%TSNF

Expense ratio: TRFM 0.49%, better; TSNF 0.65%
Fund size: TRFM $313M; TSNF $8M
1Y total return: TRFM +5.8%; TSNF No data
Holdings: TRFM 266; TSNF 146
Avg volume (30D): TRFM 40.1K sh, better; TSNF 4.07K sh
NAV per share: TRFM $53.79; TSNF $28.69
52W range

ETF.net Grade

Pillar letters and Scores for TRFM, TSNF, with each pillar’s weight
Pillar	TRFM	TSNF
Cost30% weight	A81Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	B66Higher	B55
Tradability15% weight	A70Higher	C49
Holdings10% weight	A89Higher	A86
Durability5% weight	C50Higher	F23

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. TRFM and TSNF 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 TSNF 12th 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 10BINVNAlger Russell Innovation ETFScore 58
Rank 12BTSNFTruth Social American Next Frontiers ETFScore 55
Rank 13BDRUPGraniteShares Nasdaq Select Disruptors ETFScore 54

Our read on each fund

ETF.net Research

TRFMAAAM Transformers ETF

TSNFBTruth Social American Next Frontiers ETF

In short

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.

TSNF Trump Media's Truth Social brand, wrapped around frontier tech: TSNF tracks a rules-based index of US-listed companies working in next-generation industries. A theme fund where "American" is as much the theme as innovation.

Stated mandate

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.

TSNF The Fund seeks to track, before fees and expenses, the performance of the MarketVector American Next Frontiers Index.

Why people hold it

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.

TSNF The mandate is refreshingly literal: a US-only, full-replication track of the MarketVector American Next Frontiers Index. No manager hand-picking frontier winners.
At 0.65%, it charges the going rate for thematic innovation funds rather than a premium for the branding.
One of a family of Truth Social and Yorkville indexes administered by MarketVector, so the theme is spelled out in published index rules.marketvector.com
The basket is the strongest part of the package: the spread and quality of names hold up well next to other disruptive-innovation funds.

Worth knowing

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

TSNF It trades thinly, so spreads can be a real cost. Limit orders matter more here than in the category's household names.
Cheaper routes to the same theme exist: KOMP at 0.20%, XT at 0.46%, both with far longer live histories.
Fund and index both date to the end of 2025, so there's no long record of how the strategy behaves through a full market cycle.

Full TRFM profile⁠

Full TSNF profile⁠

TRFM vs TSNF Holdings

How TRFM and TSNF differ

Overlap by weight

20.4%

Shared holdings make up 31.5% of TSNF and 22.4% of TRFM.

Level by level

Holdings51 in both20.4%
Countryby domicile79.8%
Asset classEquity100%

Sector

No Sector split for TSNF.

Country, concentration and asset class

Country by domicile

Country weights in TRFM and TSNF, widest gap first
Country	More in TRFMMore in TSNF	TRFM	TSNF
United States	TSNF +20.2 points	79.3%	99.5%
Japan	TRFM +4.4 points	4.4%	0.0%
China	TRFM +3.2 points	3.2%	0.0%
Germany	TRFM +2.1 points	2.1%	0.0%
Canada	TRFM +1.4 points	1.4%	0.0%
Taiwan	TRFM +1.4 points	1.4%	0.0%
Netherlands	TRFM +1.2 points	1.2%	0.0%
France	TRFM +1.1 points	1.1%	0.0%
Other countries (12)	TRFM +5.5 points	6.0%	0.5%

Concentration

Weight in the 10 largest Holdings

TRFM8.6%
TSNF14.3%

Securities held

TRFM266
TSNF145

Asset class

TRFM: Equity
TSNF: Equity

Holdings

Only in TRFM215
In both51
Only in TSNF94

Only in TRFM

215 securities, 77.6% of TRFM by weight

Crowdstrike Holdings Inc0.90%
Datadog Inc0.88%
Palo Alto Networks Inc0.85%
Emerson Electric Co0.81%
Visa Inc0.80%
Tesla Inc0.80%
Apple Inc0.79%
Ciena Corp0.78%
Cloudflare Inc0.78%
Lumentum Holdings Inc0.77%
Microsoft Corp0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Southern Co/The0.74%
Cisco Systems Inc0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
TransDigm Group Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Arista Networks Inc0.72%
Amphenol Corp0.71%
GE Vernova Inc0.70%
Amazon.com Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Bloom Energy Corp0.67%
Constellation Energy Corp0.66%
Block Inc0.66%
Vertiv Holdings Co0.65%
Salesforce Inc0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Coherent Corp0.64%
Western Digital Corp0.63%
Fortinet Inc0.63%
Corning Inc0.63%
Seagate Technology Holdings PLC0.62%
Alphabet Inc0.62%
Shopify Inc0.62%
Uber Technologies Inc0.61%
Advantest Corp0.60%
Boeing Co/The0.58%
Sap SE0.58%
Axon Enterprise Inc0.58%
DoorDash Inc0.57%

Only in TSNF

94 securities, 67.5% of TSNF by weight

NIQ Global Intelligence Plc1.75%
Grid Dynamics Holdings Inc1.61%
Skyworks Solutions Inc1.57%
Appian Corp1.55%
Charles River Laboratories International Inc1.43%
Natera Inc1.42%
Hinge Health Inc1.36%
Avantor Inc1.23%
Elastic NV1.18%
Revvity Inc1.15%
Mettler-Toledo International Inc1.15%
Waystar Holding Corp1.10%
IQVIA Holdings Inc1.09%
Thermo Fisher Scientific Inc1.08%
Tempus AI Inc1.08%
Illumina Inc1.07%
Medpace Holdings Inc1.04%
Bio-Techne Corp1.02%
Guardant Health Inc1.01%
Labcorp Holdings Inc1.00%
Repligen Corp1.00%
CorVel Corp0.99%
Agilent Technologies Inc0.98%
Waters Corp0.96%
BitMine Immersion Technologies Inc0.95%
Bio-Rad Laboratories Inc0.95%
UiPath Inc0.94%
Danaher Corp0.94%
West Pharmaceutical Services Inc0.93%
Viasat Inc0.93%
Quest Diagnostics Inc0.92%
Block Inc0.85%
Xometry Inc0.84%
C3.ai Inc0.81%
Northrop Grumman Corp0.78%
Intuitive Surgical Inc0.78%
Ducommun Inc0.77%
Oceaneering International Inc0.77%
Bruker Corp0.77%
Teradata Corp0.76%
Globalstar Inc0.76%
Digital Realty Trust Inc0.74%
Iridium Communications Inc0.73%
American Tower Corp0.72%
Equinix Inc0.72%
Crown Castle Inc0.70%
Novanta Inc0.70%
Coinbase Global Inc0.69%
Bullish0.68%
Element Solutions Inc0.64%

Weight gaps

All 51 Holdings in both funds, largest gap first.

Holding weights in TRFM and TSNF, widest gap first
Holding	More in TRFMMore in TSNF	TRFM	TSNF
Dynatrace IncDT	TSNF +0.79 points	0.26%	1.05%
Samsara IncIOT	TSNF +0.71 points	0.24%	0.95%
Entegris IncENTG	TSNF +0.62 points	0.27%	0.89%
MongoDB IncMDB	TSNF +0.53 points	0.22%	0.75%
Circle Internet Group IncCRCL	TSNF +0.51 points	0.17%	0.68%
Cognex CorpCGNX	TSNF +0.49 points	0.22%	0.71%
Symbotic IncSYM	TSNF +0.48 points	0.20%	0.68%
Hexcel CorpHXL	TSNF +0.44 points	0.19%	0.63%
Microchip Technology IncMCHP	TSNF +0.40 points	0.25%	0.65%
Qnity Electronics IncQ	TSNF +0.39 points	0.23%	0.62%
Semtech CorpSMTC	TSNF +0.38 points	0.23%	0.61%
Onto Innovation IncONTO	TSNF +0.36 points	0.20%	0.56%
Advanced Energy Industries IncAEIS	TSNF +0.34 points	0.20%	0.54%
BWX Technologies IncBWXT	TSNF +0.34 points	0.19%	0.53%
AeroVironment IncAVAV	TSNF +0.33 points	0.21%	0.54%
Mobileye Global IncMBLY	TSNF +0.33 points	0.15%	0.48%
Lattice Semiconductor CorpLSCC	TSNF +0.32 points	0.20%	0.52%
SiTime CorpSITM	TSNF +0.31 points	0.19%	0.50%
Snowflake IncSNOW	TSNF +0.29 points	0.66%	0.95%
Intel CorpINTC	TRFM +0.29 points	0.75%	0.46%
MKS IncMKSI	TSNF +0.28 points	0.20%	0.48%
MACOM Technology Solutions Holdings IncMTSI	TSNF +0.28 points	0.22%	0.50%
ON Semiconductor CorpON	TSNF +0.25 points	0.23%	0.48%
Credo Technology Group Holding LtdCRDO	TSNF +0.24 points	0.23%	0.47%
Palantir Technologies IncPLTR	TSNF +0.25 points	0.80%	1.05%
Amkor Technology IncAMKR	TSNF +0.22 points	0.20%	0.42%
Rambus IncRMBS	TSNF +0.21 points	0.24%	0.45%
IonQ IncIONQ	TSNF +0.21 points	0.18%	0.39%
Oracle CorpORCL	TRFM +0.19 points	0.67%	0.48%
TTM Technologies IncTTMI	TSNF +0.19 points	0.17%	0.36%
GLOBALFOUNDRIES IncGFS	TSNF +0.18 points	0.23%	0.41%
Rocket Lab CorpRKLB	TSNF +0.17 points	0.21%	0.38%
Applied Digital CorpAPLD	TSNF +0.17 points	0.17%	0.34%
Kla CorpKLAC	TRFM +0.17 points	0.72%	0.55%
Marvell Technology IncMRVL	TRFM +0.16 points	0.74%	0.58%
Cadence Design Systems IncCDNS	TRFM +0.16 points	0.80%	0.64%
Astera Labs IncALAB	TRFM +0.15 points	0.73%	0.58%
Applied Materials IncAMAT	TRFM +0.14 points	0.72%	0.58%
Texas Instruments IncTXN	TRFM +0.13 points	0.92%	0.79%
Lam Research CorpLRCX	TRFM +0.10 points	0.65%	0.55%
Advanced Micro Devices IncAMD	TRFM +0.10 points	0.93%	0.83%
CoreWeave IncCRWV	TRFM +0.09 points	0.51%	0.42%
Synopsys IncSNPS	TRFM +0.08 points	0.84%	0.76%
Monolithic Power Systems IncMPWR	TRFM +0.07 points	0.70%	0.63%
Analog Devices IncADI	TRFM +0.07 points	0.86%	0.79%
NVIDIA CorpNVDA	TSNF +0.07 points	0.69%	0.76%
Broadcom IncAVGO	TRFM +0.06 points	0.72%	0.66%
Meta Platforms IncMETA	TSNF +0.05 points	0.76%	0.81%
Teradyne IncTER	TRFM +0.04 points	0.62%	0.58%
Micron Technology IncMU	TSNF +0.01 points	0.73%	0.74%
Rockwell Automation IncROK	TRFM +0.01 points	0.75%	0.74%

All 270 TRFM holdings⁠All 148 TSNF 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.

TRFM vs TSNF Cost

Overpaying TSNF vs TRFM

$2,925

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

TRFM 0.49%
$9,792
TSNF 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

TRFM 0.49%
TSNF 0.65%
Overpaying

Year by year

Year	TRFM	TSNF	Overpaying
10	$883	$1,163	$280
20	$3,394	$4,440	$1,046
30	$9,792	$12,717	$2,925

Expense ratio

0.49%TRFM, cheaper
0.65%TSNF

TRFM0.49%TSNF0.65%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

TSNF 12th cheapest of 30 funds

TRFM vs TSNF Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2025 to 2026, same scale for both

TRFMIrregular · 1 paymentAll TRFM payments⁠

TSNFAll TSNF payments⁠

No distribution history available.

TRFM vs TSNF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TRFM 23.3%TSNF No data
Return per unit of riskSharpe ratio, 3 years: TRFM 1.02TSNF No data
Worst fallMax drawdown, 5 years: TRFM −28.4%since Jul 2022TSNF No data
Market sensitivityBeta, 5 years: TRFM 1.64TSNF 2.00; Market = 1

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