XT vs YNOT: Grades, Fees and Holdings Compared

iShares Future Exponential Technologies ETF

XTANasdaq

Horizon Digital Frontier ETF

YNOTDNasdaq

Overlap

19.1%by weight

Expense ratio

XT −0.29pt a year

XT0.46%YNOT0.75%

Avg volume · 30D

XT 1.4×the volume

XT69.1KYNOT48.5K

XT vs YNOT Performance

Oct 31, 2025 – Oct 30, 2026

+20.1%XT−0.4%YNOT

Expense ratio: XT 0.46%, better; YNOT 0.75%
Fund size: XT $3.98B; YNOT $199M
1Y total return: XT +20.1%, better; YNOT −0.4%
Yield (12M): XT 6.82%; YNOT No data
Holdings: XT 216; YNOT 107
Avg volume (30D): XT 69.1K sh, better; YNOT 48.5K sh
NAV per share: XT $83.53; YNOT $29.86
52W range

ETF.net Grade

Pillar letters and Scores for XT, YNOT, with each pillar’s weight
Pillar	XT	YNOT
Cost30% weight	A95Higher	F22
Mission25% weight	Not scored	Not scored
Risk15% weight	A91Higher	C50
Tradability15% weight	A77Higher	C54
Holdings10% weight	B66Higher	C49
Durability5% weight	A96Higher	D37

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. XT and YNOT 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 YNOT 23rd 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 23DDARPTidal Trust II Grizzle Growth ETFScore 39
Rank 23DYNOTHorizon Digital Frontier ETFScore 39
Rank 25DARKWARK Next Generation Internet ETFScore 36

Our read on each fund

ETF.net Research

XTAiShares Future Exponential Technologies ETF

YNOTDHorizon Digital Frontier ETF

In short

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.

YNOT Most innovation funds just buy the obvious winners. YNOT sorts emerging-tech companies into four phases, from the chipmakers enabling a technology to the businesses that eventually use it, and actively shifts money along that chain.

Stated mandate

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.

YNOT The fund seeks long-term capital appreciation by investing primarily in equity securities of companies operating in digital and technology sectors, emphasizing firms involved in digital innovation and transformation.

Why people hold it

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

YNOT The phase map is the whole idea: enablers, the infrastructure layer, the companies monetizing products, and the firms using the tech to cut costs. Managers decide where along that chain to lean.dividend.com horizoninvestments.com
Actively managed and global by design: US and non-US stocks, ADRs, even other ETFs are in bounds, so the portfolio isn't bolted to one index committee's definition of innovation.yahoo.com
Roughly 100 names, screened on growth, value, momentum, quality, size and volatility. A multi-factor filter sits on top of the theme rather than pure story-stock picking.dividend.com

Worth knowing

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.

YNOT The active framework carries an active price: 0.75% a year, above the middle of its thematic peer group, where several of the best-regarded options charge less (KOMP 0.20%, XT 0.46%).
Non-diversified by charter, so a small group of holdings can steer results. It's also a small, thinly traded fund, which tends to mean wider spreads than the category's household names.yahoo.com
The record starts in July 2025, so there's little history to judge the phase model through a full cycle. The mandate is capital appreciation, not income.

Full XT profile⁠

Full YNOT profile⁠

XT vs YNOT Holdings

How XT and YNOT differ

Overlap by weight

19.1%

Shared holdings make up 32.6% of YNOT and 23.9% of XT.

Level by level

Holdings24 in both19.1%
Sector11 Sectors69.5%
Countryby domicile86.7%
Asset classEquity100%

Sector

Sector weights in XT and YNOT, widest gap first
Sector	More in XTMore in YNOT	XT	YNOT
Health Care	XT +25.7 points	27.4%	1.7%
Financials	YNOT +13.7 points	4.2%	17.9%
Industrials	YNOT +5.2 points	8.4%	13.6%
Technology	YNOT +4.9 points	43.2%	48.1%
Materials	YNOT +3.0 points	1.3%	4.3%
Utilities	XT +3.0 points	4.1%	1.1%
Consumer Discretionary	XT +1.7 points	7.6%	5.9%
Consumer Staples	YNOT +1.5 points	0.0%	1.5%
Energy	YNOT +1.4 points	0.0%	1.4%
Communication	YNOT +0.8 points	3.8%	4.6%
Real Estate	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in XT and YNOT, widest gap first
Country	More in XTMore in YNOT	XT	YNOT
Taiwan	YNOT +6.5 points	2.1%	8.6%
United Kingdom	XT +2.9 points	3.7%	0.8%
Netherlands	YNOT +2.3 points	0.0%	2.3%
China	XT +1.9 points	2.5%	0.6%
Switzerland	XT +1.8 points	3.1%	1.3%
Spain	XT +1.5 points	1.5%	0.0%
South Korea	YNOT +1.5 points	1.3%	2.8%
Germany	XT +1.5 points	2.7%	1.2%
Other countries (9)	XT +0.4 points	82.9%	82.5%

Outside the US: XT 74% developed, 26% emerging. YNOT 46% developed, 54% emerging.

Concentration

Weight in the 10 largest Holdings

XT36.5%
YNOT39.7%

Securities held

XT193
YNOT107

Asset class

XT: Equity
YNOT: Equity

Holdings

Only in XT169
In both24
Only in YNOT83

Only in XT

169 securities, 75.8% of XT by weight

Eli Lilly4.61%
Texas Instrument4.61%
Microsoft4.09%
Analog Devices3.38%
Johnson & Johnson3.09%
Amazon.com Inc2.52%
AbbVie2.47%
Taiwan Semiconductor Manufacturing1.82%
Alphabet Class A1.74%
Merck & Co Inc1.71%
Roche Ps Par AG1.61%
Intuitive Surgical1.59%
Iberdrola1.49%
Novartis AG1.44%
Meta Platforms Class A1.33%
S&P Global1.30%
Astrazeneca PLC1.30%
Amgen Inc1.18%
Infineon Technologies AG1.16%
Murata Manufacturing1.15%
Nxp Semiconductors NV1.01%
Te Connectivity PLC1.01%
Gilead Sciences0.96%
Advanced Micro Devices0.95%
Fortinet0.92%
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%
On Semiconductor Corp0.47%
Stmicroelectronics0.47%
Nasdaq Inc0.46%
Sanofi SA0.46%
Rwe AG0.43%
Samsung Sdi Ltd0.41%
Sse PLC0.41%
Block Class A0.40%
Regeneron Pharmaceuticals0.38%

Only in YNOT

83 securities, 67.5% of YNOT by weight

iShares MSCI Taiwan ETF8.71%
Advanced Micro Devices Inc4.07%
Alphabet Inc3.27%
iShares MSCI South Korea ETF2.78%
Amazon.com Inc2.77%
Jacobs Solutions Inc2.39%
ASML Holding NV2.24%
Sandisk Corp2.14%
Applied Materials Inc1.57%
McKesson Corp1.53%
Caterpillar Inc1.42%
American International Group Inc1.35%
Dell Technologies Inc1.35%
Dollar General Corp1.35%
Cognex Corp1.33%
Lam Research Corp1.23%
Intel Corp1.11%
Goldman Sachs Group Inc/The0.96%
First American Government Obligations Fund 12/01/20310.90%
Kla Corp0.87%
AeroVironment Inc0.87%
BHP Group Ltd0.85%
Amphenol Corp0.85%
Nebius Group NV0.84%
Siemens AG0.82%
Constellation Energy Corp0.77%
ABB Ltd0.73%
Southern Copper Corp0.66%
ARM Holdings PLC0.65%
Schneider Electric SE0.64%
Morgan Stanley0.64%
QUALCOMM Inc0.57%
Corning Inc0.55%
Rio Tinto PLC0.53%
Interactive Brokers Group Inc0.52%
Vertiv Holdings Co0.50%
Newmont Corp0.47%
Murata Manufacturing Co Ltd0.43%
Cerebras Systems Inc0.42%
Freeport-McMoRan Inc0.41%
Quanta Services Inc0.38%
Infineon Technologies AG0.37%
Petroleo Brasileiro SA - Petrobras0.36%
Hitachi Ltd0.35%
Agnico Eagle Mines Ltd0.35%
Shin-Etsu Chemical Co Ltd0.34%
Hewlett Packard Enterprise Co0.33%
Glencore PLC0.33%
Johnson Controls International plc0.33%
Lumentum Holdings Inc0.32%

Weight gaps

All 24 Holdings in both funds, largest gap first.

Holding weights in XT and YNOT, widest gap first
Holding	More in XTMore in YNOT	XT	YNOT
NVIDIANVDA	YNOT +2.83 points	3.58%	6.41%
Palo Alto NetworksPANW	XT +2.15 points	3.47%	1.32%
Gen DigitalGEN	YNOT +2.07 points	0.15%	2.22%
Crowdstrike Holdings Class ACRWD	XT +1.30 points	2.75%	1.45%
OracleORCL	YNOT +1.29 points	0.23%	1.52%
Western Digital CorpWDC	YNOT +1.15 points	0.14%	1.29%
Space Exploration Technologies CorSPCX	YNOT +0.99 points	0.29%	1.28%
International Business Machines CoIBM	YNOT +0.97 points	0.25%	1.22%
Rockwell Automation IncROK	YNOT +0.93 points	0.48%	1.41%
Cloudflare Class ANET	XT +0.75 points	1.06%	0.31%
Emerson ElectricEMR	XT +0.64 points	0.93%	0.29%
Marvell TechnologyMRVL	YNOT +0.60 points	0.19%	0.79%
Tesla IncTSLA	YNOT +0.46 points	4.40%	4.86%
Ge VernovaGEV	YNOT +0.42 points	0.61%	1.03%
Palantir Technologies Class APLTR	YNOT +0.35 points	0.49%	0.84%
Cisco Systems IncCSCO	YNOT +0.31 points	1.18%	1.49%
Cadence Design SystemsCDNS	YNOT +0.28 points	0.11%	0.39%
Eaton PLCETN	YNOT +0.28 points	0.40%	0.68%
SnowflakeSNOW	YNOT +0.22 points	0.11%	0.33%
SynopsysSNPS	YNOT +0.15 points	0.11%	0.26%
Applovin Class AAPP	YNOT +0.14 points	0.07%	0.21%
Akamai Technologies IncAKAM	YNOT +0.03 points	0.14%	0.17%
Micron TechnologyMU	YNOT +0.02 points	1.04%	1.06%
Broadcom IncAVGO	YNOT +0.01 points	1.74%	1.75%

All 193 XT holdings⁠All 101 YNOT 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.

XT vs YNOT Cost

Overpaying YNOT vs XT

$5,252

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

XT 0.46%
$9,230
YNOT 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

XT 0.46%
YNOT 0.75%
Overpaying

Year by year

Year	XT	YNOT	Overpaying
10	$830	$1,336	$506
20	$3,195	$5,078	$1,883
30	$9,230	$14,482	$5,252

Expense ratio

0.46%XT, cheaper
0.75%YNOT

XT0.46%YNOT0.75%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

XT 3rd cheapest of 30 funds

YNOT 20th cheapest of 30 funds

XT vs YNOT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): XT 6.82%; YNOT No data
Payout (12M): XT $5.69; YNOT None
Last payment: XT $0.36; YNOT No data
Ex-dividend: XT Jun 15, 2026; YNOT No data
Paid on: XT Jun 18, 2026; YNOT No data
Frequency: XT Twice a year; YNOT No data

Distribution history

Per share, 2017 to 2026, same scale for both

XTTwice a year · 23 paymentsAll XT payments⁠

YNOTAll YNOT payments⁠

No distribution history available.

XT vs YNOT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: XT 16.5%YNOT 25.5%since Aug 2025
Return per unit of riskSharpe ratio, 3 years: XT 1.08YNOT 0.36since Aug 2025
Worst fallMax drawdown, 5 years: XT −34.4%YNOT −17.2%since Jul 2025
Market sensitivityBeta, 5 years: XT 1.35YNOT 1.75; Market = 1

XT and YNOT 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

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XT vs YNOT

In short

Stated mandate

Why people hold it

Worth knowing

How XT and YNOT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in XT

Only in YNOT

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Golden Eagle files a second ETF without the 40% sales rule of the fund it already runs

Disruptive innovation ETFs share a label, not a portfolio

How XT and YNOT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in XT

Only in YNOT

Weight gaps