TRFM vs XT: Grades, Fees and Holdings Compared

AAM Transformers ETF

TRFMANYSE Arca

iShares Future Exponential Technologies ETF

XTANasdaq

Overlap

18.6%by weight

Expense ratio

XT −0.03pt a year

TRFM0.49%XT0.46%

Avg volume · 30D

XT 1.7×the volume

TRFM40.1KXT69.1K

TRFM vs XT Performance

Oct 31, 2025 – Oct 30, 2026

+5.8%TRFM+20.1%XT

Expense ratio: TRFM 0.49%; XT 0.46%, better
Fund size: TRFM $313M; XT $3.98B
1Y total return: TRFM +5.8%; XT +20.1%, better
Yield (12M): TRFM No data; XT 6.82%
Holdings: TRFM 266; XT 216
Avg volume (30D): TRFM 40.1K sh; XT 69.1K sh, better
NAV per share: TRFM $53.79; XT $83.53
52W range

ETF.net Grade

Pillar letters and Scores for TRFM, XT, with each pillar’s weight
Pillar	TRFM	XT
Cost30% weight	A81	A95Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B66	A91Higher
Tradability15% weight	A70	A77Higher
Holdings10% weight	A89Higher	B66
Durability5% weight	C50	A96Higher

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. TRFM and XT 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 ›

XT ranks 1st and TRFM 3rd 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

Our read on each fund

ETF.net Research

TRFMAAAM Transformers ETF

XTAiShares Future Exponential Technologies 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.

XT Innovation, spread thin on purpose. XT holds roughly 200 global companies scored by Morningstar analysts for exposure to a handful of exponential tech themes, so no single moonshot carries the fund.

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.

XT XT seeks to track an index of stocks from developed and emerging markets whose companies create or use exponential technologies. The strategy targets technologies with potential economic benefits, including the ability to displace older technologies or create new markets.

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.

XT Cheap for the theme at 0.46% a year, below the typical fee in its disruptive-innovation cohort and under peers like TRFM and FDTX.
Human fingerprint on the stock list: Morningstar equity analysts score companies on theme exposure instead of sorting by keywords or revenue tags.sec.gov contentstack.io
Global by construction (developed and emerging markets) and not fenced into the tech sector, so a drugmaker or an industrial can qualify on theme exposure.sec.gov
Launched in 2015 and now a multi-billion-dollar iShares fund, it stands among the stronger builds in its innovation peer group.ishares.com

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

XT The index has been reworked since launch (weighting scheme, theme list), and themes get an annual review, so today's tilt is not fixed forever.morningstar.com sec.gov
Moderately traded rather than a household name, which can mean wider spreads than the biggest tech ETFs.
About 200 positions dilutes any single breakout winner, and distributions land only once or twice a year.

Full TRFM profile⁠

Full XT profile⁠

TRFM vs XT Holdings

How TRFM and XT differ

Overlap by weight

18.6%

Shared holdings make up 46.1% of XT and 26.6% of TRFM.

Level by level

Holdings42 in both18.6%
Sector11 Sectors67.3%
Countryby domicile88.9%
Asset classEquity100%

Sector

Sector weights in TRFM and XT, widest gap first
Sector	More in TRFMMore in XT	TRFM	XT
Health Care	XT +27.4 points	0.0%	27.4%
Technology	TRFM +13.3 points	56.5%	43.2%
Industrials	TRFM +13.1 points	21.5%	8.4%
Utilities	TRFM +4.8 points	8.9%	4.1%
Financials	XT +2.6 points	1.6%	4.2%
Consumer Discretionary	XT +1.7 points	5.9%	7.6%
Communication	TRFM +1.1 points	4.9%	3.8%
Materials	XT +1.0 points	0.3%	1.3%
Consumer Staples	TRFM +0.3 points	0.3%	0.0%
Energy	TRFM +0.2 points	0.2%	0.0%
Real Estate	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in TRFM and XT, widest gap first
Country	More in TRFMMore in XT	TRFM	XT
United Kingdom	XT +2.7 points	1.0%	3.7%
United States	TRFM +2.4 points	79.3%	76.9%
Switzerland	XT +2.4 points	0.7%	3.1%
Spain	XT +1.5 points	0.0%	1.5%
Canada	TRFM +1.4 points	1.4%	0.0%
Japan	TRFM +1.3 points	4.4%	3.1%
South Korea	XT +1.3 points	0.0%	1.3%
Netherlands	TRFM +1.2 points	1.2%	0.0%
Other countries (14)	TRFM +1.6 points	12.0%	10.4%

Outside the US: XT 74% developed, 26% emerging.

Concentration

Weight in the 10 largest Holdings

TRFM8.6%
XT36.5%

Securities held

TRFM266
XT193

Asset class

TRFM: Equity
XT: Equity

Holdings

Only in TRFM224
In both42
Only in XT151

Only in TRFM

224 securities, 73.4% of TRFM by weight

Datadog Inc0.88%
Visa Inc0.80%
Apple Inc0.79%
Ciena Corp0.78%
Lumentum Holdings Inc0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Intel Corp0.75%
Southern Co/The0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
Astera Labs Inc0.73%
TransDigm Group Inc0.73%
Keysight Technologies Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Kla Corp0.72%
Ge Aerospace0.70%
Vistra Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Parker-Hannifin Corp0.68%
Constellation Energy Corp0.66%
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%
Corning Inc0.63%
Teradyne 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%
Howmet Aerospace Inc0.56%
Netflix Inc0.56%
Taiwan Semiconductor Manufacturing Co Ltd0.56%
ASML Holding NV0.56%
ServiceNow Inc0.53%
Spotify Technology SA0.53%
Murata Manufacturing Co Ltd0.52%
PDD Holdings Inc0.52%
Airbus SE0.51%
CoreWeave Inc0.51%
ARM Holdings PLC0.51%

Only in XT

151 securities, 53.6% of XT by weight

Eli Lilly4.61%
Johnson & Johnson3.09%
AbbVie2.47%
Taiwan Semiconductor Manufacturing1.82%
Merck & Co Inc1.71%
Roche Ps Par AG1.61%
Intuitive Surgical1.59%
Iberdrola1.49%
Novartis AG1.44%
S&P Global1.30%
Astrazeneca PLC1.30%
Amgen Inc1.18%
Infineon Technologies AG1.16%
Murata Manufacturing1.15%
Te Connectivity PLC1.01%
Gilead Sciences0.96%
Xiaomi0.88%
Bae Systems PLC0.83%
Pfizer0.82%
Northrop Grumman Corp0.82%
Enel0.81%
Danaher0.75%
Air Products and Chemicals0.70%
Vertex Pharmaceuticals0.66%
Sk Hynix0.61%
Bristol Myers Squibb0.60%
Rheinmetall AG0.58%
Novo Nordisk Class B0.58%
London Stock Exchange Group PLC0.55%
Engie SA0.49%
Renesas Electronics Corp0.48%
Glaxosmithkline0.47%
Stmicroelectronics0.47%
Nasdaq Inc0.46%
Sanofi SA0.46%
Rwe AG0.43%
Samsung Sdi Ltd0.41%
Sse PLC0.41%
Regeneron Pharmaceuticals0.38%
Okta Class A0.37%
Moderna0.37%
Coinbase Global Class A0.35%
Siemens Energy N AG0.32%
Tencent Holdings0.32%
Fanuc Corp0.31%
Takeda Pharmaceutical0.30%
Space Exploration Technologies Cor0.29%
Saab Class B0.27%
Vestas Wind Systems0.27%
Adyen0.27%

Weight gaps

All 42 Holdings in both funds, largest gap first.

Holding weights in TRFM and XT, widest gap first
Holding	More in TRFMMore in XT	TRFM	XT
Texas Instruments IncTXN	XT +3.69 points	0.92%	4.61%
Tesla IncTSLA	XT +3.60 points	0.80%	4.40%
Microsoft CorpMSFT	XT +3.33 points	0.77%	4.09%
NVIDIA CorpNVDA	XT +2.89 points	0.69%	3.58%
Palo Alto Networks IncPANW	XT +2.62 points	0.85%	3.47%
Analog Devices IncADI	XT +2.52 points	0.86%	3.38%
Crowdstrike Holdings IncCRWD	XT +1.85 points	0.90%	2.75%
Amazon.com IncAMZN	XT +1.82 points	0.70%	2.52%
Alphabet IncGOOGL	XT +1.12 points	0.62%	1.74%
Broadcom IncAVGO	XT +1.02 points	0.72%	1.74%
NXP Semiconductors NVNXPI	XT +0.77 points	0.24%	1.01%
Synopsys IncSNPS	TRFM +0.73 points	0.84%	0.11%
Cadence Design Systems IncCDNS	TRFM +0.69 points	0.80%	0.11%
Bloom Energy CorpBE	TRFM +0.62 points	0.67%	0.05%
Meta Platforms IncMETA	XT +0.57 points	0.76%	1.33%
Marvell Technology IncMRVL	TRFM +0.55 points	0.74%	0.19%
Snowflake IncSNOW	TRFM +0.55 points	0.66%	0.11%
Monolithic Power Systems IncMPWR	TRFM +0.54 points	0.70%	0.16%
Arista Networks IncANET	TRFM +0.52 points	0.72%	0.20%
Amphenol CorpAPH	TRFM +0.51 points	0.71%	0.20%
Western Digital CorpWDC	TRFM +0.49 points	0.63%	0.14%
Seagate Technology Holdings PLCSTX	TRFM +0.46 points	0.62%	0.16%
Oracle CorpORCL	TRFM +0.44 points	0.67%	0.23%
Cisco Systems IncCSCO	XT +0.44 points	0.74%	1.18%
Palantir Technologies IncPLTR	TRFM +0.31 points	0.80%	0.49%
Micron Technology IncMU	XT +0.31 points	0.73%	1.04%
Fortinet IncFTNT	XT +0.29 points	0.63%	0.92%
Cloudflare IncNET	XT +0.28 points	0.78%	1.06%
Rockwell Automation IncROK	TRFM +0.27 points	0.75%	0.48%
Block IncXYZ	TRFM +0.26 points	0.66%	0.40%
Entegris IncENTG	TRFM +0.24 points	0.27%	0.03%
ON Semiconductor CorpON	XT +0.24 points	0.23%	0.47%
SentinelOne IncS	TRFM +0.20 points	0.29%	0.09%
MongoDB IncMDB	TRFM +0.18 points	0.22%	0.04%
Eaton Corp PLCETN	TRFM +0.13 points	0.53%	0.40%
Emerson Electric CoEMR	XT +0.12 points	0.81%	0.93%
Nextpower IncNXT	TRFM +0.10 points	0.21%	0.11%
GE Vernova IncGEV	TRFM +0.09 points	0.70%	0.61%
Lincoln Electric Holdings IncLECO	TRFM +0.08 points	0.23%	0.15%
Zscaler IncZS	TRFM +0.03 points	0.31%	0.28%
Fair Isaac CorpFICO	XT +0.04 points	0.14%	0.18%
Advanced Micro Devices IncAMD	XT +0.02 points	0.93%	0.95%

All 270 TRFM holdings⁠All 193 XT 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 XT Cost

Overpaying TRFM vs XT

$562

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

TRFM 0.49%
$9,792
XT 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

TRFM 0.49%
XT 0.46%
Overpaying

Year by year

Year	TRFM	XT	Overpaying
10	$883	$830	$53
20	$3,394	$3,195	$199
30	$9,792	$9,230	$562

Expense ratio

0.49%TRFM
0.46%XT, cheaper

XT0.46%TRFM0.49%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

XT 3rd cheapest of 30 funds

TRFM 4th cheapest of 30 funds

TRFM vs XT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TRFM No data; XT 6.82%
Payout (12M): TRFM No data; XT $5.69
Last payment: TRFM $0.08; XT $0.36
Ex-dividend: TRFM Dec 31, 2025; XT Jun 15, 2026
Paid on: TRFM Jan 5, 2026; XT Jun 18, 2026
Frequency: TRFM Irregular; XT Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

TRFMIrregular · 1 paymentAll TRFM payments⁠

XTTwice a year · 23 paymentsAll XT payments⁠

TRFM vs XT 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%XT 16.5%, better
Return per unit of riskSharpe ratio, 3 years: TRFM 1.02XT 1.08, better
Worst fallMax drawdown, 5 years: TRFM −28.4%since Jul 2022XT −34.4%
Market sensitivityBeta, 5 years: TRFM 1.64XT 1.35; Market = 1

TRFM and XT in the news

All news⁠

ETF Filings
Golden Eagle files a second ETF without the 40% sales rule of the fund it already runs
Oct 8, 2026XT
Deep Dive
Disruptive innovation ETFs share a label, not a portfolio
Sep 11, 2026XT

Popular comparisons

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