ETF Evaluator:
AAM Transformers ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Global Large-Stock Growth Over the Last Year
| 36.6% | AB Disruptors ETF (FWD) |
| 31.0% | AAM Transformers ETF (TRFM) |
| 27.1% | NYLI Global Equity R&D Leaders ETF (WRND) |
| 24.4% | Capital Group Global Growth Equity ETF (CGGO) |
| 22.4% | Fidelity Disruptive Automation ETF (FBOT) |
Risk
Index
Risk
Index
ETF Details
AAM Transformers ETF Overview
AAM Transformers ETF (TRFM) is a passively managed International Equity Global Large-Stock Growth exchange-traded fund (ETF). AAM launched the ETF in 2022.
The investment seeks to track the total return performance, before fees and expenses, of the Pence Transformers Index.
The fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the index. The index is a rules-based index that measures the performance of U.S.-listed common equity securities, including American Depositary Receipts (“ADRs”) for foreign securities, of companies poised to benefit from a significant disruption and/or transformation of consumer behavior and technological innovation.
About AAM Transformers ETF (TRFM)
There are 3 members of the management team with an average tenure of 2.85 years: Rafael Zayas (2022), Austin Wen (2022) and Devin Ryder (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Pence Transformers NR USD index with a weighting of 100%. AAM Transformers ETF has 313 securities in its portfolio. The top 10 holdings constitute 8.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AAM Transformers ETF is part of the Equity global asset class and is within the International Equity ETF group. AAM Transformers ETF has 24.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.9% There is 24.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AAM Transformers ETF has -1.1% of the portfolio in cash.
Assets Under Management
The fund has $247 million in total assets, which is below the $1 billion average for the Global Large-Stock Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TRFM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AAM Transformers ETF expense ratio is average compared to funds in the Global Large-Stock Growth category. AAM Transformers ETF has an expense ratio of 0.49%, which is 21% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AAM Transformers ETF has a portfolio turnover rate of 79%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Global Large-Stock Growth category.
Recently, in the month of July 2026, AAM Transformers ETF returned -8.7%, which earned it a grade of F, as the Global Large-Stock Growth category had an average return of -2.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
AAM Transformers ETF has a trailing yield of 0.14%, which is below the 0.27% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AAM Transformers ETF Grades
Year to date, the ETF has returned 21.2%, 16.9 percentage points better than the category, which translates into a grade of A. The fund has returned 31.0% over the past year (grade of A) and 23.6% over the past three years (grade of A).
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TRFM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRFM Return (NAV) | -8.7% | 5.6% | 31.0% | 23.6% | na | na |
| TRFM Return (Price) | -8.5% | 5.8% | 31.4% | 23.7% | na | na |
| NAV +/- Price Return | -0.198% | -0.266% | -0.412% | -0.142% | na | na |
| Global Large-Stock Growth Avg | -2.7% | 2.1% | 8.9% | 16.9% | 0.0% | 12.8% |
| TRFM Grade (NAV) | F | A | A | A | na | na |
| +/- Category (NAV) | -6.0% | 3.4% | 22.1% | 6.7% | na | na |
| TRFM Tax-Cost Ratio | na | na | 0.1% | 0.0% | na | na |
TRFM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRFM Return (NAV) | 21.2% | 25.6% | 19.9% | 44.6% | na | na | na | na | na | na | na |
| TRFM Return (Price) | 21.3% | 25.8% | 20.0% | 44.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.005% | 0.007% | 0.003% | 0.002% | na | na | na | na | na | na | na |
| Global Large-Stock Growth Avg | 4.2% | 17.3% | 19.0% | 32.9% | -39.1% | 3.0% | 68.9% | 32.4% | -2.6% | 42.3% | -0.6% |
| TRFM Grade (NAV) | A | B | B | A | na | na | na | na | na | na | na |
| +/- Category | 16.9% | 8.3% | 0.9% | 11.8% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.66 |
| R-Squared: | 78% |
| Standard Deviation: | 23.7% |
| Category Risk Index: | 1.22 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.93 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.1% |
| Total Assets: | $ 248 Mil |
| Share Class Assets: | $ 248 Mil |
| Turnover: | 79.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Zayas Rafael (2022), Wen Austin (2022), Ryder Devin (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 313 |
| % in Top 10 Holdings: | 8.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 24.0% |
Portfolio Allocation |
|
| Domestic Stock: | 75.9% |
| Foreign Stock: | 24.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.2% |
| Cash: | -1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AAM |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | July 11, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.62% |
