Data as of .
FRWD vs TNXT: which is really different?
FRWD and TNXT hold 28% of their weight in the same names.
ETFIQ Off-Index Score: FRWD scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
28% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FRWD and TNXT hold 28% of their money in the same securities at the same weight.
| Holding | FRWD | TNXT |
|---|---|---|
| NVIDIA Corp. | 8.12% | 7.23% |
| Amazon.com, Inc. | 2.82% | 3.02% |
| Broadcom, Inc. | 4.67% | 2.76% |
| Microsoft Corp. | 2.82% | 2.67% |
| Alphabet, Inc. | 3.22% | 2.57% |
| Advanced Micro Devices, Inc. | 7.83% | 2.53% |
| Micron Technology, Inc. | 5.16% | 1.86% |
| Taiwan Semiconductor Manufacturing Co. L | 6.33% | 1.22% |
| Lam Research Corp. | 6.67% | 1.00% |
| Netflix, Inc. | 3.28% | 0.66% |
| Cadence Design Systems, Inc. | 1.83% | 0.32% |
| Shopify, Inc. | 1.94% | 0.27% |
| Only in FRWD | Only in TNXT |
|---|---|
| Seagate Technology Holdings plc 7.77% | APPLE INC 4.61% |
| ASML Holding NV 5.09% | ALPHABET INC CL C 2.28% |
| Western Digital Corp. 5.05% | INTEL CORP 2.13% |
| Samsung Electronics Co. Ltd. 4.15% | ELI LILLY & CO 1.99% |
| Texas Instruments, Inc. 3.78% | TESLA INC 1.80% |
| DoorDash, Inc. 3.31% | META PLATFORMS INC-CLASS A 1.47% |
| Celestica, Inc. 2.69% | VISA INC-CLASS A SHARES 1.45% |
| Kratos Defense & Security Solutions, Inc 2.46% | MASTERCARD INC - A 1.14% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FRWD | TNXT | FRWD | TNXT | FRWD | TNXT | |
| 3 months | −8.0% | +3.8% | −10.2 pts | +1.6 pts | −5.5 pts | +6.3 pts |
| 6 months | +36.3% | +27.4% | +18.3 pts | +9.3 pts | +12.1 pts | +3.1 pts |
| Since launch | +27.3% | +14.5% | +16.6 pts | +3.9 pts | +11.8 pts | −0.4 pts |
| FRWD Nomura Transformational Technologies ETF Holds 25 stocks in broad innovation and megatrends, 70% of its weight in S&P 500 companies | TNXT T. Rowe Price Innovation Leaders ETF Holds 272 stocks in broad innovation and megatrends, 64% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Nomura | T. Rowe Price |
| Theme | Broad innovation and megatrends | Broad innovation and megatrends |
| In the S&P 500 | 70.1% | 64.3% |
| Active share vs the S&P 500 | 74.3% | 51.6% |
| In the Nasdaq-100 | 77.7% | 46.9% |
| Holdings | 25 | 272 |
| Top ten, share of the fund | 60.8% | 31.8% |
| Expense ratio | 0.65% | 0.49% |
| Fee for the differing part | 0.87% | 0.95% |
| Total return, 1 year | +27.3% (since launch on Jan 13, 2026) | +14.5% (since launch on Jan 29, 2026) |
| vs the S&P 500 | +16.6 pts | +3.9 pts |
| vs the Nasdaq-100 | +11.8 pts | −0.4 pts |
| Below its high | −8.0% | −1.4% |
| Net assets | $285m | $18m |
FRWD in plain words
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 launched on Jan 13, 2026 the fund returned +27.3% with distributions reinvested against +10.7% for the S&P 500, so a holder was ahead by 16.6 pts. It sits 8.0% below its all-time high of Jun 18, 2026.
TNXT in plain words
By weight, 64% of TNXT's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 52%. The top ten holdings are 32% of the fund across 272 positions, as filed for Jun 30, 2026. Since it launched on Jan 29, 2026 the fund returned +14.5% with distributions reinvested against +10.6% for the S&P 500, so a holder was ahead by 3.9 pts.
Questions people ask
- Do FRWD and TNXT hold the same stocks?
- By their latest filings, 28% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, FRWD or TNXT?
- FRWD has 70% of its weight in S&P 500 names and TNXT has 64%, so FRWD differs more from the index.
- Which is cheaper, FRWD or TNXT?
- FRWD charges 0.65% a year and TNXT charges 0.49%, so TNXT is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FRWD against TNXT, data as of Sep 18, 2026. https://etfiq.com/compare/themes/frwd-vs-tnxt Free to use with attribution; the underlying files are at Open data.