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Data as of Nov 4, 2026.

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Thematic ETFs

FRWD vs THMZ: Holdings Overlap & Returns

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FRWD and THMZ hold 23% of their weight in the same names.

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Net assets on Jun 30, 2026: $285m for Nomura Transformational Technologies ETF and $54m for Lazard Equity Megatrends ETF.

FRWD on its own →THMZ on its own →
At a glance
69.9%
FRWD in the S&P 500
53.9%
THMZ in the S&P 500
+15.0%
FRWD total return, since launch, Jan 13, 2026
+6.1%
THMZ 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.

THMZ · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500
46% of its weight is outside the S&P 50054% of THMZ's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Jun 30, 2026.54%46%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 74% · top ten 34% of the fund · 59 holdings as filed for Jun 30, 2026 · Nasdaq-100: 30% in46% of its weight is outside the S&P 50054% of THMZ's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Jun 30, 2026.54%46%in the S&P 500outsideactive share 74% · Nasdaq-100: 30% in

54% of THMZ's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

THMZ costs 0.15 points a year less; FRWD is 5.3 times larger.

Points (pts) are percentage points.

FRWD vs THMZ: Holdings Overlap & Returns
MeasureFRWDTHMZ
Return
Total return, 1 yearnot published+6.1%
Drawdown
Below its all-time high16.9%, high on Jun 18, 2026
Against its benchmark
What it tracksBroad innovation and megatrendsBroad innovation and megatrends
Against its benchmark, 1 yearbehind by 8.9 pts
Cost and size
Expense ratio0.65%0.50%
Net assets, as of Jun 30, 2026$285m$54m
Holdings
Holdings in common23%
ETFIQ S&P 500 Difference Score · FRWD scores higher How much of its weight does it not share with the S&P 500?
IQ Themes Score21.9FRWD19.7THMZ

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

23%

By the books each fund has filed, FRWD and THMZ hold 23% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

0 half 100%

half

23% in common

Positions both hold · largest shared weight first FRWD THMZ
Taiwan Semiconductor Manufacturing Co. Ltd. 6.30% 6.07%
Alphabet, Inc. 3.20% 3.54%
Amazon.com, Inc. 2.81% 3.50%
Microsoft Corp. 2.81% 2.77%
NVIDIA Corp. 8.09% 2.76%
Broadcom, Inc. 4.65% 2.23%
Advanced Micro Devices, Inc. 7.80% 1.89%
MercadoLibre, Inc. 2.31% 1.08%
Only in one fund ↓
Only in FRWD
Seagate Technology Holdings plc 7.74%
Lam Research Corp. 6.64%
Micron Technology, Inc. 5.14%
ASML Holding NV 5.07%
Western Digital Corp. 5.04%
Samsung Electronics Co. Ltd. 4.14%
Texas Instruments, Inc. 3.77%
DoorDash, Inc. 3.29%
Only in THMZ
Applied Materials Inc 5.54%
Mitsubishi Electric Corp 2.72%
Keysight Technologies Inc 2.59%
FANUC Corp 2.48%
Siemens AG 2.37%
Schneider Electric SE 1.98%
Amphenol Corp 1.93%
Apple Inc 1.91%
Check overlap with more funds →

Window by window

Window by window: FRWD vs THMZ: Holdings Overlap & Returns
Total returnvs its benchmark
WindowFRWDTHMZFRWDTHMZ
3 months−10.7%−2.0%not measured−0.7 pts vs ACWI
6 months−5.2%+2.8%not measured+0.2 pts vs ACWI
1 year–+6.1%–−8.9 pts vs ACWI
Since launchNot the same days: FRWD Jan 2026 · THMZ Apr 2025+15.0%+38.4%not measured−16.1 pts vs ACWI

– means no data for this window. Open this comparison in the app →

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 THMZ Lazard Equity Megatrends ETF · Holds 59 stocks in broad innovation and megatrends, 54% of its weight in S&P 500 companies
Issuer Nomura Lazard
Theme Broad innovation and megatrends Broad innovation and megatrends
In the S&P 500 69.9% 53.9%
Active share vs the S&P 500 74.4% 73.5%
In the Nasdaq-100 79.9% 29.5%
Holdings 25 59
Top ten, share of the fund 60.6% 34.3%
Expense ratio 0.65% 0.50%
Fee for the differing part 0.87% 0.68%
Total return, 1 year +15.0% (since launch, Jan 13, 2026) +6.1%
vs its benchmark not measured −8.9 pts vs ACWI
Below its high −16.9% −2.6%
Net assets, as of Jun 30, 2026 $285m $54m

As of Nov 4, 2026. Source: ETFIQ.

23% 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.

THMZ

By weight, 54% of THMZ'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 34% of the fund across 59 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +6.1% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was behind by 8.9 pts.

Questions people ask

Do FRWD and THMZ hold the same stocks?
By their latest filings, 23% 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 THMZ?
FRWD has 70% of its weight in S&P 500 names and THMZ has 54%, so FRWD differs more from the index.
Which is cheaper, FRWD or THMZ?
FRWD charges 0.65% a year and THMZ charges 0.50%, so THMZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
FRWD vs TEKYFRWD vs LFSCFRWD vs GDOCFRWD vs TNXTTHMZ vs ILDRTHMZ vs TMATTHMZ vs GTEKTHMZ vs AOTG
Where to next
FRWD on its own →THMZ on its own →FRWD holdings →THMZ dividend history →THMZ holdings →Method →Standards and sources →
Sources and dates
FRWD filings on SEC EDGAR ↗
FRWD prospectus with the expense ratio (SEC) ↗
Nomura website ↗
THMZ filings on SEC EDGAR ↗
THMZ prospectus with the expense ratio (SEC) ↗
Lazard website ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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 THMZ, data as of Nov 4, 2026. https://etfiq.com/compare/themes/frwd-vs-thmz

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