Do KWH and TRFM hold the same stocks?

By their latest filings, 9% 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, KWH or TRFM?

KWH has 41% of its weight in S&P 500 names and TRFM has 47%, so KWH differs more from the index.

Which is cheaper, KWH or TRFM?

KWH charges 0.60% a year and TRFM charges 0.49%, so TRFM is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

KWH vs TRFM: Holdings Overlap & Returns

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KWH and TRFM hold 9% of their weight in the same names.

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Net assets: $58m on Aug 31, 2026 for GMO Power Infrastructure ETF, and $248m on Jul 31, 2026 for AAM Transformers ETF.

KWH on its own →TRFM on its own →

At a glance

41.4%

KWH in the S&P 500

46.7%

TRFM in the S&P 500

−6.1%

KWH total return, since launch, Jul 15, 2026

+8.1%

TRFM total return, 1 year

KWH · 3 months to Nov 4, 2026 59% of its weight is outside the S&P 500

41% of KWH's weight is in S&P 500 companies and 59% is outside the index. Holdings as of Aug 31, 2026.

TRFM · 1 year to Nov 4, 2026 53% of its weight is outside the S&P 500

47% of TRFM's weight is in S&P 500 companies and 53% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

TRFM costs 0.11 points a year less.

KWH vs TRFM: Holdings Overlap & Returns
Measure	KWH	TRFM
Return
Measure	KWH	TRFM
Total return, 1 year	not published	+8.1%
Drawdown
Measure	KWH	TRFM
Below its all-time high	8.5%, high on Aug 17, 2026	15.8%, high on Jun 30, 2026
Benchmark
Measure	KWH	TRFM
What it tracks	Electrification and the grid	Electrification and the grid
Cost and size
Measure	KWH	TRFM
Expense ratio	0.60%	0.49%
Net assets, KWH as of Aug 31, 2026 and TRFM as of Jul 31, 2026	$58m	$248m
Holdings
Measure	KWH	TRFM
Holdings in common	9%

Method

What they share

By the books each fund has filed, KWH and TRFM hold 9% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

50%

0 half 100%

half

9% in common

Positions both hold · largest shared weight first KWH TRFM

Southern Co 1.22% 0.73%

Xcel Energy Inc 1.40% 0.71%

American Electric Power Co Inc 1.63% 0.71%

Entergy Corp 1.39% 0.70%

Vistra Corp 1.09% 0.68%

GE Vernova Inc 0.63% 0.62%

NextEra Energy Inc 2.52% 0.61%

Schneider Electric SE 5.14% 0.32%

RWE AG 1.20% 0.32%

Enel SpA 2.52% 0.32%

Eaton Corp PLC 3.43% 0.31%

SSE PLC 1.34% 0.30%

Only in one fund ↓

Only in KWH

Siemens AG 4.68%

Trane Technologies PLC 2.69%

Iberdrola SA 2.51%

National Grid PLC 2.44%

Contemporary Amperex Technology Co Ltd 2.31%

Expand Energy Corp 1.98%

Duke Energy Corp 1.97%

EQT Corp 1.95%

Only in TRFM

DoorDash Inc 0.87%

Snowflake Inc 0.85%

Block Inc 0.81%

Airbnb Inc 0.80%

Howmet Aerospace Inc 0.80%

Parker-Hannifin Corp 0.80%

Take-Two Interactive Software 0.80%

Datadog Inc 0.78%

Check overlap with more funds →

Window by window

Window by window: KWH vs TRFM: Holdings Overlap & Returns
	Total return
Window	KWH	TRFM
3 months	−6.7%	−12.2%
6 months	–	−7.4%
1 year	–	+8.1%
3 years	–	+100.4%
Since launchNot the same days: KWH Jul 2026 · TRFM Jul 2022	−6.1%	+125.6%

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Side by side

KWH GMO Power Infrastructure ETF · Holds 74 stocks in electrification and the grid, 41% of its weight in S&P 500 companies TRFM AAM Transformers ETF · Holds 310 stocks in electrification and the grid, 47% of its weight in S&P 500 companies

Issuer GMO AAM

Theme Electrification and the grid Electrification and the grid

In the S&P 500 41.4% 46.7%

Active share vs the S&P 500 96.9% 79.2%

In the Nasdaq-100 4.9% 29.6%

Holdings 74 310

Top ten, share of the fund 30.8% 8.0%

Expense ratio 0.60% 0.49%

Fee for the differing part 0.62% 0.62%

Total return, 1 year −6.1% (since launch, Jul 15, 2026) +8.1%

vs its benchmark not measured not measured

Below its high −8.5% −15.8%

Net assets, KWH as of Aug 31, 2026 and TRFM as of Jul 31, 2026 $58m $248m

As of Nov 4, 2026. Source: ETFIQ.

9% of the two portfolios are the same securities at the same weight.

Alert

About each fund

KWH

By weight, 41% of KWH's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 31% of the fund across 74 positions, as filed for Aug 31, 2026. Since it first traded on Jul 15, 2026 the fund returned −6.1% with distributions reinvested. It sits 8.5% below its all-time high of Aug 17, 2026.

TRFM

By weight, 47% of TRFM's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 79%. The top ten holdings are 8% of the fund across 310 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +8.1% with distributions reinvested. It sits 15.8% below its all-time high of Jun 30, 2026.

Questions people ask

Do KWH and TRFM hold the same stocks?: By their latest filings, 9% 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, KWH or TRFM?: KWH has 41% of its weight in S&P 500 names and TRFM has 47%, so KWH differs more from the index.
Which is cheaper, KWH or TRFM?: KWH charges 0.60% a year and TRFM charges 0.49%, so TRFM is cheaper. Fees come from each fund's prospectus.

Other comparisons

KWH vs TPZ KWH vs ZAP KWH vs POWR KWH vs VOLT TRFM vs ELFY TRFM vs ZAP TRFM vs VOLT TRFM vs POW

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →KWH on its own →TRFM on its own →KWH holdings →TRFM dividend history →TRFM holdings →Method →Standards and sources →

Sources and dates

KWH filings on SEC EDGAR ↗

KWH prospectus with the expense ratio (SEC) ↗

GMO website ↗

TRFM filings on SEC EDGAR ↗

TRFM prospectus with the expense ratio (SEC) ↗

AAM website ↗

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, KWH against TRFM, data as of Nov 4, 2026. https://etfiq.com/compare/themes/kwh-vs-trfm

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