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Data as of Nov 4, 2026.

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Thematic ETFs

FRWD vs TNXT: Holdings Overlap & Returns

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FRWD and TNXT hold 27% of their weight in the same names.

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Net assets: $285m on Jun 30, 2026 for Nomura Transformational Technologies ETF, and $19m on Nov 3, 2026 for T. Rowe Price Innovation Leaders ETF.

FRWD on its own →TNXT on its own →
At a glance
69.9%
FRWD in the S&P 500
64.2%
TNXT in the S&P 500
+15.0%
FRWD total return, since launch, Jan 13, 2026
+13.4%
TNXT total return, since launch, Jan 29, 2026
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.

TNXT · 6 months to Nov 4, 2026 36% of its weight is outside the S&P 500
36% of its weight is outside the S&P 50064% of TNXT's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Jun 30, 2026.64%36%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 52% · top ten 32% of the fund · 272 holdings as filed for Jun 30, 2026 · Nasdaq-100: 47% in36% of its weight is outside the S&P 50064% of TNXT's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Jun 30, 2026.64%36%in the S&P 500outsideactive share 52% · Nasdaq-100: 47% in

64% of TNXT's weight is in S&P 500 companies and 36% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

TNXT costs 0.16 points a year less.

FRWD vs TNXT: Holdings Overlap & Returns
MeasureFRWDTNXT
Drawdown
Below its all-time high16.9%, high on Jun 18, 2026
Benchmark
What it tracksBroad innovation and megatrendsBroad innovation and megatrends
Cost and size
Expense ratio0.65%0.49%
Net assets, FRWD as of Jun 30, 2026 and TNXT as of Nov 3, 2026$285m$19m
Holdings
Holdings in common27%
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 Score21.9FRWD2.2TNXT

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

27%

By the books each fund has filed, FRWD and TNXT hold 27% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

0 half 100%

half

27% in common

Positions both hold · largest shared weight first FRWD TNXT
NVIDIA Corp. 8.09% 7.22%
Amazon.com, Inc. 2.81% 3.02%
Broadcom, Inc. 4.65% 2.75%
Microsoft Corp. 2.81% 2.67%
Alphabet, Inc. 3.20% 2.57%
Advanced Micro Devices, Inc. 7.80% 2.53%
Micron Technology, Inc. 5.14% 1.86%
Taiwan Semiconductor Manufacturing Co. Ltd. 6.30% 1.22%
Lam Research Corp. 6.64% 1.00%
ASML Holding NV 5.07% 0.87%
Netflix, Inc. 3.27% 0.66%
Cadence Design Systems, Inc. 1.82% 0.32%
Only in one fund ↓
Only in FRWD
Seagate Technology Holdings plc 7.74%
Western Digital Corp. 5.04%
Samsung Electronics Co. Ltd. 4.14%
Texas Instruments, Inc. 3.77%
DoorDash, Inc. 3.29%
Celestica, Inc. 2.68%
Kratos Defense & Security Solutions, Inc. 2.45%
Spotify Technology SA 2.38%
Only in TNXT
APPLE INC 4.60%
ALPHABET INC CL C 2.28%
INTEL CORP 2.13%
ELI LILLY & CO 1.99%
TESLA INC 1.80%
META PLATFORMS INC-CLASS A 1.47%
VISA INC-CLASS A SHARES 1.45%
MASTERCARD INC - A 1.14%
Check overlap with more funds →

Window by window

Window by window: FRWD vs TNXT: Holdings Overlap & Returns
Total return
WindowFRWDTNXT
3 months−10.7%−0.2%
6 months−5.2%+6.6%
Since launchNot the same days: FRWD Jan 2026 · TNXT Jan 2026+15.0%+13.4%

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 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 69.9% 64.2%
Active share vs the S&P 500 74.4% 51.6%
In the Nasdaq-100 79.9% 47.1%
Holdings 25 272
Top ten, share of the fund 60.6% 31.8%
Expense ratio 0.65% 0.49%
Fee for the differing part 0.87% 0.95%
Total return, 1 year +15.0% (since launch, Jan 13, 2026) +13.4% (since launch, Jan 29, 2026)
vs its benchmark not measured not measured
Below its high −16.9% −3.8%
Net assets, FRWD as of Jun 30, 2026 and TNXT as of Nov 3, 2026 $285m $19m

As of Nov 4, 2026. Source: ETFIQ.

27% 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.

TNXT

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 first traded on Jan 29, 2026 the fund returned +13.4% with distributions reinvested.

Questions people ask

Do FRWD and TNXT hold the same stocks?
By their latest filings, 27% 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 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
FRWD vs GDOCFRWD vs DTREFRWD vs INVNFRWD vs BULDTNXT vs ILDRTNXT vs GTEKTNXT vs AOTGTNXT vs HTEC
Where to next
FRWD on its own →TNXT on its own →FRWD holdings →TNXT holdings →Method →Standards and sources →
Sources and dates
FRWD filings on SEC EDGAR ↗
FRWD prospectus with the expense ratio (SEC) ↗
Nomura website ↗
TNXT filings on SEC EDGAR ↗
TNXT prospectus with the expense ratio (SEC) ↗
T. Rowe Price 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.

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

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