{
 "ticker": "FRWD",
 "name": "Nomura Transformational Technologies ETF",
 "issuer": "Nomura",
 "desk": "themes",
 "url": "https://etfiq.com/funds/frwd",
 "html": "https://etfiq.com/funds/frwd",
 "markdown": "https://etfiq.com/funds/frwd.md",
 "as_of": "2026-09-11",
 "verdict": "FRWD holds 25 stocks, and 30% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "70.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FRWD, already in the S&P 500: 70.1%, as of Sep 11, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "74.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FRWD, active share vs the S&P 500: 74.3%, as of Sep 11, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "60.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FRWD, top ten holdings: 60.8%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch",
   "value": "+27.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "FRWD, total return, since launch: +27.3%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$285m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "FRWD, net assets: $285m (SEC filing, whole fund, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.65%",
   "source": "485BPOS XBRL, Jul 29, 2026",
   "as_of": "2026-09-11",
   "sentence": "FRWD, expense ratio: 0.65% (485BPOS XBRL, Jul 29, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Broad innovation and megatrends",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 13, 2026",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "70.1%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "74.3%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "77.7%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "62.0%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "60.8%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "25",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "Jun 30, 2026",
   "source": "SEC N-PORT"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "NVIDIA Corp. 8.1%, Advanced Micro Devices, Inc. 7.8%, Seagate Technology Holdings plc 7.8%, Lam Research Corp. 6.7%, Taiwan Semiconductor Manufacturing Co. Ltd. 6.3%, Micron Technology, Inc. 5.2%, ASML Holding NV 5.1%, Western Digital Corp. 5.0%, Broadcom, Inc. 4.7%, Samsung Electronics Co. Ltd. 4.2%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$285m",
   "source": "SEC filing, whole fund, as filed for Jun 30, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u22128.0%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.65%",
   "source": "485BPOS XBRL, Jul 29, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.87%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "AOTG 44%, JHAI 42%, WUGI 41%, ALAI 41%, SOXQ 40%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "\u22121.3%",
   "S&P 500": "+3.3%",
   "Gap to S&P 500": "\u22124.6 pts",
   "Gap to Nasdaq-100": "\u22120.5 pts"
  },
  {
   "window": "6 months",
   "Total return": "+35.4%",
   "S&P 500": "+16.0%",
   "Gap to S&P 500": "+19.4 pts",
   "Gap to Nasdaq-100": "+14.7 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+27.3%",
   "S&P 500": "+10.8%",
   "Gap to S&P 500": "+16.6 pts",
   "Gap to Nasdaq-100": "+12.9 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of FRWD is in S&P 500 companies?",
   "a": "By its holdings filed for Jun 30, 2026, 70% of FRWD by weight is stocks the S&P 500 already holds. Its active share against the index is 74%, so that share is the part doing something different."
  },
  {
   "q": "What does FRWD hold?",
   "a": "25 positions as filed for Jun 30, 2026, with the top ten at 61% of the fund. The largest are NVIDIA Corp. at 8.1%, Advanced Micro Devices, Inc. at 7.8%, Seagate Technology Holdings plc at 7.8%."
  },
  {
   "q": "Has FRWD beaten the S&P 500?",
   "a": "Over the year to Sep 11, 2026 FRWD returned +27.3% with distributions reinvested, against +10.8% for the S&P 500, so it finished ahead of the index by 16.6 points."
  },
  {
   "q": "What does FRWD cost?",
   "a": "The prospectus expense ratio is 0.65% a year. Because 74% of the fund differs from the S&P 500, the fee on that differing part works out at 0.87%."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}