TRFM vs XITK: Grades, Fees and Holdings Compared

AAM Transformers ETF

TRFMANYSE Arca

State Street SPDR FactSet Innovative Technology ETF

XITKANYSE Arca

Overlap

13.9%by weight

Expense ratio

XITK −0.04pt a year

TRFM0.49%XITK0.45%

Avg volume · 30D

TRFM 18.6×the volume

TRFM40.1KXITK2.15K

TRFM vs XITK Performance

Oct 31, 2025 – Oct 30, 2026

+5.8%TRFM+0.6%XITK

Expense ratio: TRFM 0.49%; XITK 0.45%, better
Fund size: TRFM $313M; XITK $67M
1Y total return: TRFM +5.8%, better; XITK +0.6%
Yield (12M): TRFM No data; XITK 0.00%
Holdings: TRFM 266; XITK 95
Avg volume (30D): TRFM 40.1K sh, better; XITK 2.15K sh
NAV per share: TRFM $53.79; XITK $197.42
52W range

ETF.net Grade

Pillar letters and Scores for TRFM, XITK, with each pillar’s weight
Pillar	TRFM	XITK
Cost30% weight	A81	A95Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B66Higher	D37
Tradability15% weight	A70Higher	B65
Holdings10% weight	A89Higher	A81
Durability5% weight	C50	A73Higher

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. TRFM and XITK 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 XITK 4th 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 5AGINNGoldman Sachs Innovate Equity ETFScore 70

Our read on each fund

ETF.net Research

TRFMAAAM Transformers ETF

XITKAState Street SPDR FactSet Innovative Technology 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.

XITK Most innovation funds pick a theme and hope. XITK lets the data pick: FactSet ranks tech and electronic-media segments by growth, keeps the top quartile, then equal-weights roughly 100 names so no single giant runs the show.

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.

XITK The fund seeks to track the total return of the FactSet Innovative Technology Index before fees and expenses. Its mandate targets innovative technology-related companies with robust revenue growth and leading-edge products or services.

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.

XITK Costs 0.45% a year, comfortably under the 0.65% median for disruptive-innovation funds, and it does it inside a plain index wrapper from a major ETF shop.
Equal weighting at each reset gives the hundredth holding the same slot as the first, so results lean on the whole basket rather than two or three mega-caps.factset.com
Screens segments, not slogans: only companies drawing most of their revenue from the fastest-growing corners of tech and electronic media make the cut.factset.com ssga.com
Trading since 2016, giving it a live record across several tech cycles, and it sits in the upper tier of our innovation-fund cohort review.

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

XITK Growth-screened tech, equal-weighted, means smaller names carry a giant's weight. Expect a rougher ride than a cap-weighted tech fund.
Thinly traded for its category and modest in size, so bid-ask spreads can run wider than the household-name tech ETFs.
Cheaper shelfmates exist: KOMP runs a broad new-economy basket for 0.20%.

Full TRFM profile⁠

Full XITK profile⁠

TRFM vs XITK Holdings

How TRFM and XITK differ

Overlap by weight

13.9%

Shared holdings make up 46.8% of XITK and 13.9% of TRFM.

Level by level

Holdings38 in both13.9%
Sector11 Sectors64.8%
Countryby domicile83.9%
Asset classEquity100%

Sector

Sector weights in TRFM and XITK, widest gap first
Sector	More in TRFMMore in XITK	TRFM	XITK
Technology	XITK +25.5 points	56.5%	82.0%
Industrials	TRFM +20.2 points	21.5%	1.3%
Utilities	TRFM +8.9 points	8.9%	0.0%
Communication	XITK +5.1 points	4.9%	10.0%
Consumer Discretionary	TRFM +4.7 points	5.9%	1.2%
Health Care	XITK +4.2 points	0.0%	4.2%
Financials	TRFM +0.7 points	1.6%	0.9%
Real Estate	XITK +0.4 points	0.0%	0.4%
Materials	TRFM +0.3 points	0.3%	0.0%
Consumer Staples	TRFM +0.3 points	0.3%	0.0%
Energy	TRFM +0.2 points	0.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in TRFM and XITK, widest gap first
Country	More in TRFMMore in XITK	TRFM	XITK
United States	XITK +15.7 points	79.3%	95.0%
Japan	TRFM +4.4 points	4.4%	0.0%
Germany	TRFM +2.1 points	2.1%	0.0%
Canada	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%
United Kingdom	TRFM +1.0 points	1.0%	0.0%
Brazil	TRFM +1.0 points	1.0%	0.0%
Other countries (12)	TRFM +3.5 points	8.5%	5.0%

Concentration

Weight in the 10 largest Holdings

TRFM8.6%
XITK22.1%

Securities held

TRFM266
XITK94

Asset class

TRFM: Equity
XITK: Equity

Holdings

Only in TRFM228
In both38
Only in XITK56

Only in TRFM

228 securities, 86.1% of TRFM by weight

Texas Instruments Inc0.92%
Crowdstrike Holdings Inc0.90%
Analog Devices Inc0.86%
Palo Alto Networks Inc0.85%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Tesla Inc0.80%
Cadence Design Systems 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%
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%
Micron Technology Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Kla Corp0.72%
Amphenol Corp0.71%
GE Vernova Inc0.70%
Amazon.com Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Oracle Corp0.67%
Bloom Energy Corp0.67%
Constellation Energy Corp0.66%
Block 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%
Coherent Corp0.64%

Only in XITK

56 securities, 53.2% of XITK by weight

Axt Inc4.00%
FIVE9 Inc1.72%
Paycom Software Inc1.52%
Amplitude Inc Class A1.48%
Nutanix Inc A1.45%
Commvault Systems Inc1.37%
Veeva Systems Inc Class A1.35%
Manhattan Associates Inc1.35%
Braze Inc A1.35%
Elastic NV1.32%
Liveramp Holdings Inc1.23%
Avepoint Inc1.22%
Caci International Inc Class A1.15%
Freshworks Inc Class A1.11%
Paylocity Holding Corp1.09%
Sprout Social Inc Class A1.08%
Ptc Inc1.08%
Mediaalpha Inc Class A1.06%
Ubiquiti Inc1.05%
Super Micro Computer Inc1.04%
Sps Commerce Inc0.97%
Nextdoor Holdings Inc0.95%
Interdigital Inc0.92%
Pagaya Technologies Ltd A0.89%
Intapp Inc0.89%
Booz Allen Hamilton Holdings0.88%
Bill Holdings Inc0.87%
Ncino Inc0.86%
Innodata Inc0.86%
Workday Inc Class A0.85%
Waystar Holding Corp0.84%
Ambarella Inc0.84%
Everquote Inc Class A0.80%
Procore Technologies Inc0.80%
C3.AI Inc A0.78%
Nerdwallet Inc Class A0.77%
Asana Inc Class A0.76%
Phreesia Inc0.75%
Doximity Inc Class A0.75%
Vertex Inc Class A0.73%
Duolingo0.68%
Evolv Technologies Holdings0.67%
LIFE360 Inc0.66%
Cellebrite Di Ltd0.64%
Aeva Technologies Inc0.60%
Monday.com Ltd0.59%
Genius Sports Ltd0.57%
Blackline Inc0.56%
Alkami Technology Inc0.55%
Lendingtree Inc0.51%

Weight gaps

All 38 Holdings in both funds, largest gap first.

Holding weights in TRFM and XITK, widest gap first
Holding	More in TRFMMore in XITK	TRFM	XITK
Silicon Motion Technology CorpSIMO	XITK +2.34 points	0.19%	2.53%
Applied Optoelectronics IncAAOI	XITK +2.23 points	0.18%	2.41%
DigitalOcean Holdings IncDOCN	XITK +1.83 points	0.21%	2.04%
Advanced Micro Devices IncAMD	XITK +1.69 points	0.93%	2.62%
Zeta Global Holdings CorpZETA	XITK +1.49 points	0.23%	1.72%
IonQ IncIONQ	XITK +1.29 points	0.18%	1.47%
Rubrik IncRBRK	XITK +1.27 points	0.33%	1.60%
ARM Holdings PLCARM	XITK +1.19 points	0.51%	1.70%
Onto Innovation IncONTO	XITK +1.18 points	0.20%	1.38%
JFrog LtdFROG	XITK +1.16 points	0.24%	1.40%
SiTime CorpSITM	XITK +1.12 points	0.19%	1.31%
ACM Research IncACMR	XITK +1.08 points	0.16%	1.24%
Dynatrace IncDT	XITK +1.03 points	0.26%	1.29%
Impinj IncPI	XITK +0.99 points	0.23%	1.22%
Datadog IncDDOG	XITK +0.89 points	0.88%	1.77%
Credo Technology Group Holding LtdCRDO	XITK +0.89 points	0.23%	1.12%
Clear Secure IncYOU	XITK +0.87 points	0.23%	1.10%
Nova LtdNVMI	XITK +0.84 points	0.19%	1.03%
Snowflake IncSNOW	XITK +0.82 points	0.66%	1.48%
Arista Networks IncANET	XITK +0.72 points	0.72%	1.44%
Workiva IncWK	XITK +0.68 points	0.24%	0.92%
MongoDB IncMDB	XITK +0.67 points	0.22%	0.89%
Appfolio IncAPPF	XITK +0.66 points	0.21%	0.87%
Toast IncTOST	XITK +0.66 points	0.21%	0.87%
Guidewire Software IncGWRE	XITK +0.58 points	0.18%	0.76%
Snap IncSNAP	XITK +0.54 points	0.22%	0.76%
Pinterest IncPINS	XITK +0.54 points	0.21%	0.75%
Applied Digital CorpAPLD	XITK +0.51 points	0.17%	0.68%
NVIDIA CorpNVDA	XITK +0.50 points	0.69%	1.19%
Klaviyo IncKVYO	XITK +0.44 points	0.23%	0.67%
HubSpot IncHUBS	XITK +0.41 points	0.21%	0.62%
Reddit IncRDDT	XITK +0.37 points	0.19%	0.56%
Spotify Technology SASPOT	XITK +0.38 points	0.53%	0.91%
Alphabet IncGOOGL	XITK +0.27 points	0.62%	0.89%
Palantir Technologies IncPLTR	XITK +0.24 points	0.80%	1.04%
Broadcom IncAVGO	XITK +0.21 points	0.72%	0.93%
Meta Platforms IncMETA	XITK +0.18 points	0.76%	0.94%
Netflix IncNFLX	XITK +0.07 points	0.56%	0.63%

All 270 TRFM holdings⁠All 94 XITK 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 XITK Cost

Overpaying TRFM vs XITK

$751

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

TRFM 0.49%
$9,792
XITK 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

TRFM 0.49%
XITK 0.45%
Overpaying

Year by year

Year	TRFM	XITK	Overpaying
10	$883	$812	$71
20	$3,394	$3,128	$266
30	$9,792	$9,041	$751

Expense ratio

0.49%TRFM
0.45%XITK, cheaper

XITK0.45%TRFM0.49%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

XITK 2nd cheapest of 30 funds

TRFM 4th cheapest of 30 funds

TRFM vs XITK Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2017 to 2026, same scale for both

TRFMIrregular · 1 paymentAll TRFM payments⁠

XITK9 paymentsAll XITK payments⁠

TRFM vs XITK 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%, betterXITK 25.4%
Return per unit of riskSharpe ratio, 3 years: TRFM 1.02, betterXITK 0.63
Worst fallMax drawdown, 5 years: TRFM −28.4%since Jul 2022XITK −61.4%
Market sensitivityBeta, 5 years: TRFM 1.64XITK 1.67; Market = 1

Popular comparisons

TRFMAvsXTA
AAM Transformers ETF · iShares Future Exponential Technologies ETF
Expense ratio
0.49% · 0.46%
Category
XITKAvsXTA
State Street SPDR FactSet Innovative Technology ETF · iShares Future Exponential Technologies ETF
Expense ratio
0.45% · 0.46%
Category
TRFMAvsKOMPA
AAM Transformers ETF · State Street SPDR S&P Kensho New Economies Composite ETF
Expense ratio
0.49% · 0.20%
Category
XITKAvsKOMPA
State Street SPDR FactSet Innovative Technology ETF · State Street SPDR S&P Kensho New Economies Composite ETF
Expense ratio
0.45% · 0.20%
Category
TRFMAvsGINNA
AAM Transformers ETF · Goldman Sachs Innovate Equity ETF
Expense ratio
0.49% · 0.50%
Category
XITKAvsGINNA
State Street SPDR FactSet Innovative Technology ETF · Goldman Sachs Innovate Equity ETF
Expense ratio
0.45% · 0.50%
Category