Do TRFM and ZAP hold the same stocks?

By their latest filings, 9% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, TRFM or ZAP?

TRFM has 47% of its weight in S&P 500 names and ZAP has 76%, so ZAP differs more from the index.

Which is cheaper, TRFM or ZAP?

TRFM charges 0.49% a year and ZAP charges 0.50%, so TRFM is cheaper. Fees come from each fund's prospectus.

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TRFM vs ZAP: which is really different?

TRFM and ZAP hold 9% of their weight in the same names, and TRFM returned +22.2% over the year. AAM Transformers ETF and Global X U.S. Electrification ETF.

46.8%

TRFM in the S&P 500

75.5%

ZAP in the S&P 500

+22.2%

TRFM total return, 1 year

+4.9%

ZAP total return, 1 year

TRFM · 1 year to Sep 30, 202653% 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

ZAP · 1 year to Sep 30, 202625% of its weight is outside the S&P 500

76% of ZAP's weight is in S&P 500 companies and 25% is outside the index

ETFIQ Off-Index Score · ZAP scores higherHow much of it is not the index it is sold as an alternative to?

TRFM 9.6

ZAP 48.1

0.1, the lowest in this set92.0, the highest

A percentile among the 375 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 →

What they hold in common

By the books each fund has filed, TRFM and ZAP hold 9% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and Sep 30, 2026.

50%

half

9% in common

Positions both hold, largest shared weight first

Holding TRFM ZAP

Bloom Energy Corp 1.14% 5.89%

NextEra Energy Inc 0.67% 3.64%

Entergy Corp 0.61% 3.79%

AMETEK Inc 0.57% 4.63%

American Electric Power Co Inc 0.56% 3.92%

Xcel Energy Inc 0.55% 3.84%

Vistra Corp 0.54% 3.74%

Southern Co/The 0.54% 3.85%

Constellation Energy Corp 0.53% 3.79%

Duke Energy Corp 0.53% 3.92%

Eaton Corp PLC 0.43% 4.67%

Plug Power Inc 0.28% 0.28%

Only in TRFM

Advanced Micro Devices Inc 1.14%

Sandisk Corp/DE 1.13%

Seagate Technology Holdings PL 1.03%

Marvell Technology Inc 1.00%

Ciena Corp 0.97%

Western Digital Corp 0.96%

Texas Instruments Inc 0.90%

Lumentum Holdings Inc 0.88%

Only in ZAP

QUANTA SERVICES INC 4.71%

DOMINION ENERGY INC 4.27%

CONSOLIDATED EDISON INC 4.08%

NATIONAL GRID PLC-SP ADR 3.85%

EXELON CORP 3.79%

PUBLIC SERVICE ENTERPRISE GP 3.65%

AMEREN CORPORATION 3.08%

FIRSTENERGY CORP 2.86%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

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

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	TRFM	ZAP	TRFM	ZAP	TRFM	ZAP
3 months	−5.0%	−9.8%	−7.5 pts	−12.3 pts	−7.2 pts	−11.9 pts
6 months	+24.8%	−5.3%	+7.8 pts	−22.3 pts	−2.1 pts	−32.2 pts
1 year	+22.2%	+4.9%	+6.5 pts	−10.8 pts	−1.6 pts	−18.9 pts
3 years	+119.6%	not published	+34.6 pts	not published	+9.6 pts	not published
Since launch TRFM Jul 2022 · ZAP Dec 2024	+150.8%	+30.4%	+39.0 pts	−2.6 pts	−14.3 pts	−14.2 pts

TRFM and ZAP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

TRFM

AAM Transformers ETF · Holds 310 stocks in electrification and the grid, 47% of its weight in S&P 500 companies

ZAP

Global X U.S. Electrification ETF · Holds 47 stocks in electrification and the grid, 76% of its weight in S&P 500 companies

Issuer AAM Global X

Theme Electrification and the grid Electrification and the grid

In the S&P 500 46.8% 75.5%

Active share vs the S&P 500 79.2% 97.9%

In the Nasdaq-100 27.5% 15.3%

Holdings 310 47

Top ten, share of the fund 8.1% 43.8%

Expense ratio 0.49% 0.50%

Fee for the differing part 0.62% 0.51%

Total return, 1 year +22.2% +4.9%

vs the S&P 500 +6.5 pts −10.8 pts

vs the Nasdaq-100 −1.6 pts −18.9 pts

Below its high −6.4% −12.6%

Net assets $248m $436m

TRFM and ZAP on the same fields, as of Sep 30, 2026. Source: ETFIQ.

TRFM in plain words

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 Apr 30, 2026. Over the year to Sep 30, 2026 the fund returned +22.2% with distributions reinvested against +15.7% for the S&P 500, so a holder was ahead by 6.5 pts. It sits 6.4% below its all-time high of Jun 30, 2026.

ZAP in plain words

By weight, 76% of ZAP's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 44% of the fund across 47 positions, as published by its issuer for Sep 30, 2026. Over the year to Sep 30, 2026 the fund returned +4.9% with distributions reinvested against +15.7% for the S&P 500, so a holder was behind by 10.8 pts. It sits 12.6% below its all-time high of Jun 25, 2026.

Questions people ask

Do TRFM and ZAP hold the same stocks?: By their latest filings, 9% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, TRFM or ZAP?: TRFM has 47% of its weight in S&P 500 names and ZAP has 76%, so ZAP differs more from the index.
Which is cheaper, TRFM or ZAP?: TRFM charges 0.49% a year and ZAP charges 0.50%, so TRFM is cheaper. Fees come from each fund's prospectus.

Other comparisons

TRFM vs GRID TRFM vs ICOP TRFM vs JOUL TRFM vs POW ZAP vs JOUL ZAP vs COPA ZAP vs COPJ ZAP vs COPP

TRFM on its own →ZAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

TRFM filings on SEC EDGAR ↗TRFM prospectus with the expense ratio (SEC) ↗AAM website ↗ZAP filings on SEC EDGAR ↗ZAP prospectus with the expense ratio (SEC) ↗Global X page for ZAP ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, TRFM against ZAP, data as of Sep 30, 2026. https://etfiq.com/compare/themes/trfm-vs-zap

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.