NETZ
TCW Transform Systems ETF
NETZ is actively managed and seeks to invest in companies that will drive and benefit from the development of sustainable business practices and climate-friendly business models.
US
EQUITY
Active
MANAGEMENT STYLE
773.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Engine No. 1 LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 02, 2022 |
| Assets (mns) | $774 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| GE AEROSPACE | 10.2 % |
| SAFRAN SA | 8.4 % |
| VERTIV HOLDINGS CO. CLASS A | 6.8 % |
| BROADCOM INC. | 6.1 % |
| EADS NV | 5.5 % |
| TALEN ENERGY CORP ORDINARY SHARES NEW | 4.7 % |
| REPUBLIC SERVICES INC | 4.5 % |
| VISTRA ENERGY CORP. | 4.4 % |
| MIRION TECHNOLOGIES, INC. CLASS A | 4.1 % |
| MICROSOFT CORP | 3.9 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 914 |
| Wgt avg mkt cap (mns) | $466,925 |
| Large cap (>$10bn) | 116.5% |
| Mid cap ($2-10bn) | 0.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 116.7% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 63.0 % |
 |
FRANCE | 11.4 % |
 |
IRELAND | 6.4 % |
 |
NETHERLANDS | 5.5 % |
 |
CANADA | 4.1 % |
 |
GERMANY | 2.2 % |
 |
SWEDEN | 1.3 % |
Historical Performance
Standardized Performance (as of 12/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 32.5% | 32.5% | 30.2% | 26.6% | -- | -- | -- | 18.8% |
| Dividend Yield | 0.0% | 0.0% | 0.3% | 0.6% | -- | -- | -- | 0.7% |
| Total Returns | 32.5% | 32.5% | 30.5% | 27.2% | -- | -- | -- | 19.5% | Ann. Volatility | 214.7% | 214.7% | 63.7% | 46.9% | -- | -- | -- | 41.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 3.93 | 18% |
| MSCI EAFE | 3.32 | 14% |
| MSCI Emg Mkts | 4.24 | 21% |
Liquidity Measures
| Avg. volume (000) | 32 |
| ADV traded (mns) | $3 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.07% |
Technical Indicators
| 30d moving avg. (EMA) | $79.01 |
| Relative strength (RSI) | 63 |
| MACD/Signal | 2.57/1.14 |
| Bollinger Bands (Upper/Lower) | $94.20/$64.73 |
| Short interest (% of AUM) | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NETZ |
Expenses vs. NETZ |
ALTAR Score™ vs. NETZ |
|---|---|---|---|---|
| AIPO | Defiance AI & Power Infrastructure ETF | 22.6% | -6 bp | +1.9% |
| GGRW | Gabelli Growth Innovators ETF | 20.6% | +15 bp | +2.6% |
| GRNY | Fundstrat Granny Shots US Large Cap ETF | 17.2% | 0 bp | +3.4% |
| BELT | iShares Long-Term U.S. Equity Active ETF | 17.2% | 0 bp | +2.9% |
| XLI | The Industrial Select Sector SPDR Fund | 17.1% | -67 bp | +4.4% |
| IQM | Franklin Intelligent Machines ETF | 16.6% | -25 bp | +1.8% |
| GK | AdvisorShares Gerber Kawasaki ETF | 16.3% | 0 bp | +2.2% |
| PJFG | PGIM Jennison Focused Growth ETF | 16.0% | 0 bp | +2.5% |
| SPUS | SP Funds S&P 500 Sharia Industry Exclusions ETF | 15.5% | -30 bp | +4.4% |
| EGUS | iShares ESG Aware MSCI USA Growth ETF | 15.5% | -57 bp | +3.9% |
Risk and Returns: NETZ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 1/11/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
NETZ
2.7%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 1045 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.2%. NETZ's ALTAR Score™ is approximately
1.3 standard deviations
below
the category average. This places NETZ in the 10st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NETZSELL
U/W
HOLD
O/W
BUY