TRFM
AAM Transformers ETF
TRFM tracks a modified equal-weighted index of US-listed companies that have the potential to transform consumer behavior and technological innovation. Companies are screened for their spending on research and development (R&D).
US
EQUITY
Rules-Based
MANAGEMENT STYLE
106.9 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | Advisors Asset Management |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 12, 2022 |
| Assets (mns) | $107 |
| Expense ratio | 49 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Fundamental |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ADVANCED MICRO DEVICES | 1.4 % |
| APPLOVIN CORP. CLASS A | 1.0 % |
| INTL BUSINESS MACHINES CORP | 1.0 % |
| TESLA MOTORS INC | 1.0 % |
| ORACLE CORP | 1.0 % |
| PALANTIR TECHNOLOGIES INC. CLASS A | 1.0 % |
| NVIDIA CORP | 0.9 % |
| ALPHABET INC. CLASS A | 0.9 % |
| APPLE INC | 0.9 % |
| GE AEROSPACE | 0.9 % |
Constituent Breakdown
| Number of holdings | 202 |
| Herfindahl-Hirschman Index | 65 |
| Wgt avg mkt cap (mns) | $308,977 |
| Large cap (>$10bn) | 69.7% |
| Mid cap ($2-10bn) | 18.9% |
| Small cap (<$2bn) | 1.8% |
| Developed mkts. | 82.4% |
| Emerging mkts. | 7.6% |
Country Exposure
 |
UNITED STATES | 72.2 % |
 |
CHINA | 4.3 % |
 |
ISRAEL | 2.1 % |
 |
BRITAIN | 2.0 % |
 |
NETHERLANDS | 2.0 % |
 |
JAPAN | 1.9 % |
 |
CANADA | 1.1 % |
 |
IRELAND | 1.0 % |
 |
FRANCE | 0.9 % |
 |
TAIWAN | 0.9 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 34.1% | 44.6% | 41.9% | 31.3% | -- | -- | -- | 26.2% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | -- | 0.0% |
| Total Returns | 34.1% | 44.6% | 41.9% | 31.3% | -- | -- | -- | 26.2% | Ann. Volatility | 29.8% | 28.6% | 25.0% | 25.9% | -- | -- | -- | 27.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.58 | 77% |
| MSCI EAFE | 0.65 | 17% |
| MSCI Emg Mkts | 0.57 | 16% |
Liquidity Measures
| Avg. volume (000) | 15 |
| ADV traded (mns) | $1 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.07% |
Technical Indicators
| Recent close | $50.91 |
| 30d moving avg. | $49.37 |
| Annualized volatility | 23.3% |
| Relative strength (RSI) | 61 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| FTC | First Trust Large Cap Growth AlphaDEX Fund | 33.5% | +10 bp | +1.9% |
| FTEC | Fidelity MSCI Information Technology Index ETF | 27.5% | -41 bp | +3.7% |
| JMOM | JPMorgan U.S. Momentum Factor ETF | 26.9% | -37 bp | +4.5% |
| IGM | iShares Expanded Tech Sector ETF | 26.8% | -8 bp | +3.6% |
| FAD | First Trust Multi Cap Growth AlphaDEX Fund | 26.7% | +15 bp | +1.1% |
| FCTR | First Trust Lunt U.S. Factor Rotation ETF | 26.6% | +16 bp | +2.2% |
| FWD | AB Disruptors ETF | 26.1% | +16 bp | +3.3% |
| VGT | Vanguard Information Technology ETF | 26.1% | -40 bp | +3.7% |
| TMAT | Main Thematic Innovation ETF | 26.0% | +115 bp | -1.5% |
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | 25.5% | -4 bp | +2.3% |
Risk and Returns: TRFM vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/2/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
TRFM
1.2%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 997 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.4%. TRFM's ALTAR Score™ is approximately
1.9 standard deviations
below
the category average. This places TRFM in the 3rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
TRFMSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 627 |
| Avg. Expense Ratio | 46.1 bp |
| Std. Deviation | 32.8 bp |
| TRFM (49 bp) Percentile rank | 54 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TRFM | 49.0 | 6.9 | 55.9 |
| Peer Avg. | 46.1 | 15.6 | 61.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .