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Data as of Nov 4, 2026.

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Thematic ETFs

FRWD vs LENS: Holdings Overlap & Returns

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FRWD and LENS hold 0% of their weight in the same names.

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Net assets: $285m on Jun 30, 2026 for Nomura Transformational Technologies ETF, and $67m on Aug 31, 2026 for Sarmaya Thematic ETF.

FRWD on its own →LENS on its own →
At a glance
69.9%
FRWD in the S&P 500
16.0%
LENS in the S&P 500
+15.0%
FRWD total return, since launch, Jan 13, 2026
+28.3%
LENS total return, 1 year
FRWD · 6 months to Nov 4, 2026 30% of its weight is outside the S&P 500
30% of its weight is outside the S&P 50070% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 2026.70%30%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 74% · top ten 61% of the fund · 25 holdings as filed for Jun 30, 2026 · Nasdaq-100: 80% in30% of its weight is outside the S&P 50070% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 2026.70%30%in the S&P 500outsideactive share 74% · Nasdaq-100: 80% in

70% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 2026.

LENS · 1 year to Nov 4, 2026 84% of its weight is outside the S&P 500
84% of its weight is outside the S&P 50016% of LENS's weight is in S&P 500 companies and 84% is outside the index. Holdings as of Aug 31, 2026.16%84%in the S&P 500of its weight outside the S&P 500active share 99% · top ten 40% of the fund · 45 holdings as filed for Aug 31, 2026 · Nasdaq-100: 2% in84% of its weight is outside the S&P 50016% of LENS's weight is in S&P 500 companies and 84% is outside the index. Holdings as of Aug 31, 2026.16%84%inof its weight outside the S&P 500active share 99% · Nasdaq-100: 2% in

16% of LENS's weight is in S&P 500 companies and 84% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

FRWD costs 0.14 points a year less.

Points (pts) are percentage points.

FRWD vs LENS: Holdings Overlap & Returns
MeasureFRWDLENS
Return
Total return, 1 yearnot published+28.3%
Drawdown
Below its all-time high16.9%, high on Jun 18, 202617.6%, high on Feb 27, 2026
Against its benchmark
What it tracksBroad innovation and megatrendsBroad innovation and megatrends
Its benchmark, total return, 1 year+14.3%
Against its benchmark, 1 yearahead by 14.0 pts
Cost and size
Expense ratio0.65%0.79%
Net assets, FRWD as of Jun 30, 2026 and LENS as of Aug 31, 2026$285m$67m
Holdings
Holdings in common0%

Method

What they share

0%

By the books each fund has filed, FRWD and LENS hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

0 half 100%

half

0% in common

Positions both hold · largest shared weight first FRWD LENS
Only in one fund ↓
Only in FRWD
NVIDIA Corp. 8.09%
Advanced Micro Devices, Inc. 7.80%
Seagate Technology Holdings plc 7.74%
Lam Research Corp. 6.64%
Taiwan Semiconductor Manufacturing Co. Ltd. 6.30%
Micron Technology, Inc. 5.14%
ASML Holding NV 5.07%
Western Digital Corp. 5.04%
Only in LENS
SPDR Gold MiniShares Trust 8.14%
iShares Gold Trust Micro 5.23%
Chevron Corp 4.38%
ExxonMobil Holdings Corp 4.30%
Kinross Gold Corp 3.70%
iShares Silver Trust 3.41%
Agnico Eagle Mines Ltd 3.09%
Gold Fields Ltd 3.05%
Check overlap with more funds →

Window by window

Window by window: FRWD vs LENS: Holdings Overlap & Returns
Total returnvs its benchmark
WindowFRWDLENSFRWDLENS
3 months−10.7%−0.5%not measured−0.3 pts vs BKLC
6 months−5.2%−7.8%not measured−12.7 pts vs BKLC
1 year–+28.3%–+14.0 pts vs BKLC
Since launchNot the same days: FRWD Jan 2026 · LENS Jan 2025+15.0%+68.9%not measured+39.1 pts vs BKLC

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Side by side

FRWD Nomura Transformational Technologies ETF · Holds 25 stocks in broad innovation and megatrends, 70% of its weight in S&P 500 companies LENS Sarmaya Thematic ETF · Holds 45 stocks in broad innovation and megatrends, 16% of its weight in S&P 500 companies
Issuer Nomura Sarmaya
Theme Broad innovation and megatrends Broad innovation and megatrends
In the S&P 500 69.9% 16.0%
Active share vs the S&P 500 74.4% 98.9%
In the Nasdaq-100 79.9% 1.6%
Holdings 25 45
Top ten, share of the fund 60.6% 40.3%
Expense ratio 0.65% 0.79%
Fee for the differing part 0.87% 0.80%
Total return, 1 year +15.0% (since launch, Jan 13, 2026) +28.3%
vs its benchmark not measured +14.0 pts vs BKLC
Below its high −16.9% −17.6%
Net assets, FRWD as of Jun 30, 2026 and LENS as of Aug 31, 2026 $285m $67m

As of Nov 4, 2026. Source: ETFIQ.

0% of the two portfolios are the same securities at the same weight.

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About each fund
FRWD

By weight, 70% of FRWD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 74%. The top ten holdings are 61% of the fund across 25 positions, as filed for Jun 30, 2026. Since it first traded on Jan 13, 2026 the fund returned +15.0% with distributions reinvested. It sits 16.9% below its all-time high of Jun 18, 2026.

LENS

By weight, 16% of LENS's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 40% of the fund across 45 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +28.3% with distributions reinvested against +14.3% for its benchmark, the Solactive GBS United States 500 Index, so a holder was ahead by 14.0 pts. It sits 17.6% below its all-time high of Feb 27, 2026.

Questions people ask

Do FRWD and LENS hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, FRWD or LENS?
FRWD has 70% of its weight in S&P 500 names and LENS has 16%, so LENS differs more from the index.
Which is cheaper, FRWD or LENS?
FRWD charges 0.65% a year and LENS charges 0.79%, so FRWD is cheaper. Fees come from each fund's prospectus.
Other comparisons
FRWD vs HTECFRWD vs TEKYFRWD vs DTECFRWD vs THMZLENS vs ARKKLENS vs ILDRLENS vs TMATLENS vs LFSC
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →FRWD on its own →LENS on its own →FRWD holdings →LENS dividend history →LENS holdings →Method →Standards and sources →
Sources and dates
FRWD filings on SEC EDGAR ↗
FRWD prospectus with the expense ratio (SEC) ↗
Nomura website ↗
LENS filings on SEC EDGAR ↗
LENS prospectus with the expense ratio (SEC) ↗
Sarmaya page for LENS ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FRWD against LENS, data as of Nov 4, 2026. https://etfiq.com/compare/themes/frwd-vs-lens

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.