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TMAT

GradeDChicago Board Options Exchange

Main Thematic Innovation ETF

Themes · Main Management · Inception 2021-01-29 · SEC filings

$29.64−0.06 (−0.20%)

As of Sep 23, 2026, 3:09 PM EDT

Intraday session: down, 68 prints from 29.70 to 29.64. Range 29.34 to 29.73. Use the arrow keys to read each point.$29.30$29.40$29.50$29.7010 AM12 PM2 PM4 PM
Expense ratio
0.82%
Fund size
$256M
1Y return
+5.8%
Yield · Last 12 months
0.02%
Volume · 30D
0M sh
NAV per share
$29.22
52W range
low $22.26high $31.46

The ETF.net TMAT Grade

D

33/ 100

Rank 27 of 31 in Disruptive Innovation⁠

Confidence Medium

Six-pillar profile for TMAT. Scores out of 100: Cost 7, Risk 33, Mission not scored, Tradability 53, Holdings 72, Durability 58. Strongest: Holdings (72). Weakest: Cost (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 33 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 7
    Category rank29/31 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 33
    Category rank25/31 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 53
    Category rank14/31 · top 45%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 72
    Category rank9/31 · top 29%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 58
    Category rank13/31 · top 42%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TMAT

ETF.net Research

DMost innovation ETFs pick a theme and ride it. TMAT hires a manager instead: it rotates among theme-based equity ETFs, chasing upside in rising markets while trying to cushion declines, with the global MSCI ACWI as its yardstick.

Stated mandate

The Fund seeks to outperform the MSCI ACWI Index in rising markets while limiting losses during declines. It pursues this through dynamic rotation among theme-based equity ETFs.

Why people hold it

  1. 01One ticket, many themes. Rather than locking into a single story, it moves among theme-based equity ETFs, so the manager can shift emphasis as leadership rotates.
  2. 02Judged against a broad global stock benchmark (MSCI ACWI), not a hand-picked innovation index. That is a tougher, more honest yardstick than most thematic funds set for themselves.
  3. 03Owning funds rather than individual stocks means look-through diversification is built in: no single innovation name drives the portfolio.
  4. 04Live since 2021, so it carries a real track record through a full boom-and-bust cycle in disruptive-growth stocks.

Worth knowing

  1. 010.85% a year, and that sits on top of the fees inside the ETFs it holds. Index-built rivals in the same innovation group run cheaper, including KOMP at 0.20% and XT at 0.46%.
  2. 02Thinly traded next to the household names in its category. Limit orders matter more here, and getting in or out in size can cost you.
  3. 03Everything rides on the manager's rotation calls. Limiting losses in declines is the stated goal, not a contractual buffer, and there is no index to check the results against.

TMAT Holdings

As of Sep 22, 2026, 10:48 PM
Asset class
Stocks
Holdings
—
Top-10 weight
29%
Largest holding
MU5.1%

Sectors

  • Technology52.2%
  • Industrials22.4%
  • Health Care12.6%
  • Materials9.5%
  • Utilities2.0%
  • Consumer Discr.1.1%
  • Energy0.3%

Geography

  • United States92.31%
  • Canada4.87%
  • Taiwan1.04%
  • Switzerland0.70%
  • Cayman Islands0.54%
  • Israel0.53%
The fund’s holdings, weight-ordered — page 1 of 6.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MUMICRON TECH5.08%12,442$13M655
002PANWPALO ALTO NETWOR4.73%32,541$12M486
003RBRKRUBRIK INC-A2.75%62,125$7M142
004FTNTFORTINET INC2.70%39,375$7M465
005LITELUMENTUM HOL2.61%6,990$7M385
006AMDADV MICRO DEVICE2.52%10,452$6M618
007HNGEHINGE HEALTH-A2.51%67,860$6M106
008VICRVICOR CORP2.22%25,404$6M132
009NETCLOUDFLARE INC-A2.16%15,710$6M273
010VRNSVARONIS SYSTEMS2.02%106,545$5M100
011KEYSKEYSIGHT TEC1.98%14,796$5M368
012HBMHUDBAY MINERALS INC1.75%168,081$4M21
013EROERO COPPER CORP1.71%126,107$4M15
014YOUCLEAR SECURE I-A1.64%106,575$4M178
015BSYBENTLEY SYSTEM-B1.60%128,280$4M149

Showing 1–15 of 84 holdings

TMAT Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TMAT$10,575
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TMAT $10,575. SPY $11,723. Use the arrow keys to read each point.$7,688$9,876$12,063Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TMAT. Periods over one year show the average yearly return.
PeriodTMAT
Year to date+18.8%
1 month+2.2%
3 months−3.7%
1 year+5.8%
3 years+30.4%per year
5 years+5.6%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TMAT
YearReturn barTMAT
2026 YTD+18.8%
2025+20.0%
2024+27.2%
2023+32.3%
2022−39.3%
2021−17.0%

Since listing, Jan 29, 2021

TMAT in the news

ETF.net Research hasn’t filed on TMAT yet — coverage lands here as it’s written.

TMAT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.02%Last 12 months
Payout per share
$0.005Last 12 months
Last payment
$0.005 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Jun 24, 2021 $0.02; Dec 22, 2021 $0.02; Jun 23, 2022 $0.0031; Dec 22, 2022 $0.04; Dec 23, 2025 $0.005. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 29, 2025$0.005
Dec 22, 2022Jan 3, 2023$0.04
Jun 23, 2022Jul 6, 2022$0.0031
Dec 22, 2021Jan 3, 2022$0.02
Jun 24, 2021Jul 6, 2021$0.02

TMAT Risk

How much the fund’s monthly returns vary, scaled to a year.
28.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.77
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−51.9%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.83
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TMAT Cost

Expense ratio0.82%
  • The middle half of Disruptive Innovation funds
  • Median 0.65%

28 of the 31 Disruptive Innovation funds charge less.

TMAT costs $82.00 a year on $10,000. The median Disruptive Innovation fund costs $65.00.