I am not sure why Bobbys question deserves such a terse response but while Neil is correct in saying that all glass suffers from some light loss this is not really relevant in the context and spirit of Bobbys question. In the old days before modern low dispersion coatings this light loss would add up in multi element lenses but again this is not relevant to the ND question. If I use a clear filter in front of a lens I do not bother compensating for the @4% light loss but maybe that's just me.
Patrick as I understand with the Sony FS5 the electronic ND is physically switched in and out of the optical path. It has a minimum two stop loss when engaged. While a zero loss variable ND would be awesome I have not seen any practical technology yet that can do this? I like the Sony system and would love to see Red emulate it even if they used the existing Motion Mount technology and design it to work in a similar way. Check out this video at the 2min 48sec mark to see the Sony internal ND system in action. https://youtu.be/A9muBcF_QPw
I admit I don't know how Sony adjusts for the change in back focus when the rear ND is engaged? I would guess a clear glass replaces the ND. It is telling that they did not use their variable ND system in their top of the line Venice camera.