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FMKT vs TECB

The Free Markets ETF

FMKTDNYSE Arca

iShares U.S. Tech Breakthrough Multisector ETF

TECBANYSE Arca

Overlap

Expense ratio

TECB −0.46pt a year

FMKT0.76%TECB0.30%

Avg volume · 30D

TECB 3.3×the volume

FMKT2.81KTECB9.36K

FMKT vs TECB Performance

Oct 31, 2025 – Oct 30, 2026

−6.6%FMKT+18.8%TECB

Oct 31, 2025 to Oct 30, 2026. FMKT −6.6%. TECB +18.8%. Use the arrow keys to read each point.0%10%Oct 2025Apr 2026Oct 2026
Expense ratio
FMKT 0.76%
TECB 0.30%, better
Fund size
FMKT $10M
TECB $493M
1Y total return
FMKT −6.6%
TECB +18.8%, better
Yield (12M)
FMKT No data
TECB 0.29%
Holdings
FMKT 34
TECB 173
Avg volume (30D)
FMKT 2.81K sh
TECB 9.36K sh, better
NAV per share
FMKT $21.42
TECB $75.32
52W range

ETF.net Grade

FMKT: Cost 10, Risk 36, Mission not scored, Tradability 49, Holdings 44, Durability 42. TECB: Cost 79, Risk 55, Mission 92, Tradability 72, Holdings 61, Durability 91.
Pillar letters and Scores for FMKT, TECB, with each pillar’s weight
PillarFMKTTECB
Cost30% weightF10A79Higher
Mission25% weightNot scoredA92
Risk15% weightD36B55Higher
Tradability15% weightC49A72Higher
Holdings10% weightC44B61Higher
Durability5% weightC42A91Higher

Rank among US Thematic funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FMKT and TECB are both graded against the same 22 US Thematic funds, so their Grades compare head to head.

US Thematic⁠

Category · 22 funds
See all 22 ›

TECB ranks 2nd and FMKT 21st of 22 funds in the US Thematic Category.

  1. Rank 1ALRNDNYLI U.S. Large Cap R&D Leaders ETFScore 76
  2. Rank 2ATECBiShares U.S. Tech Breakthrough Multisector ETFScore 71
  3. Rank 3BLOHARoundhill HALO ETFScore 66
  4. Rank 20DPTNTCorgi IP Licensing & Royalties ETFScore 38
  5. Rank 21DFMKTThe Free Markets ETFScore 29
  6. Rank 22DUSMDCoreValues America First Technology ETFScore 26

Our read on each fund

ETF.net Research

FMKTDThe Free Markets ETF

TECBAiShares U.S. Tech Breakthrough Multisector ETF

In short

FMKT A 2025 newcomer with an unusually wide brief: long-term total returns, no index to track. The Free Markets ETF is a bet on manager judgment rather than a rulebook, and it costs 0.76% a year.

TECB Five breakthroughs (AI and robotics, cloud and data, cybersecurity, genomics, fintech) in one iShares index fund, priced well under the typical US thematic ETF. Multisector by design, so healthcare and finance names sit beside the chip and software crowd.

Stated mandate

FMKT The Fund seeks long-term total returns.

TECB TECB seeks to track an index of U.S. companies that may benefit from robotics and artificial intelligence, cloud and data technology, cybersecurity, genomics and immunology, and financial technology.

Why people hold it

  • FMKT No declared index means no rulebook. The managers can pursue long-term total returns wherever they see them instead of hugging a fixed theme basket.
  • Built around total return, not income. Distributions land on an annual or semiannual schedule, so the portfolio carries the story rather than the payout calendar.
  • Still a small fund, so positions can be reshaped without the size constraints that come with running billions.
  • TECB 0.30% a year, roughly half the median expense ratio in its US thematic peer group. With themes, cost is the one edge you keep no matter which breakthrough actually breaks through.
  • Roughly 170 stocks spread across five themes rather than a concentrated bet on one idea, so no single storyline carries the fund by itself.ishares.com
  • Rules pick the stocks, not a manager's mood: it follows the NYSE FactSet U.S. Tech Breakthrough Index and has tracked it tightly since the 2020 launch, among the cleaner builds in its thematic group.ishares.com

Worth knowing

  • FMKT At 0.76%, it costs more than thematic peers such as LRND (0.14%) and TECB (0.30%). Active discretion is what you are paying the difference for.
  • Small asset base and light trading can mean wider bid-ask spreads, so entry and exit mechanics matter more here than in a heavily traded fund.
  • Launched in 2025 with no benchmark index, so there is little history and no yardstick to check the portfolio against. It currently sits in the lower part of its thematic peer group.
  • TECB This is a growth-theme basket with no ballast. Five fast-moving innovation sleeves can swing harder than the broad market in both directions.
  • Volume is light next to the megacap tech giants. For quick in-and-out trades, the bid-ask spread can cost more than the fee does.
  • Cheap, but not the cheapest on the block: LRND charges 0.14% for a broad US R&D-leaders screen that overlaps some of the same territory.

Full FMKT profile⁠

Full TECB profile⁠

FMKT vs TECB Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FMKT vs TECB Cost

Overpaying FMKT vs TECB

$8,507

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FMKT 0.76%

    $14,656

  • TECB 0.30%

    $6,149

$10,000
30 years

Cost over time

  • FMKT 0.76%
  • TECB 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530FMKT $14,656TECB $6,149

Year by year

YearFMKTTECBOverpaying
10$1,353$545$808
20$5,142$2,113$3,029
30$14,656$6,149$8,507

Expense ratio

  • 0.76%FMKT
  • 0.30%TECB, cheaper
  • Middle half of US Thematic funds
  • Median 0.35%

TECB 5th cheapest of 22 funds

FMKT 20th cheapest of 22 funds

FMKT vs TECB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FMKT No data
TECB 0.29%
Payout (12M)
FMKT No data
TECB $0.22
Last payment
FMKT $0.46
TECB $0.05
Ex-dividend
FMKT Dec 23, 2025
TECB Sep 15, 2026
Paid on
FMKT Dec 24, 2025
TECB Sep 18, 2026
Frequency
FMKT Irregular
TECB Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

FMKTIrregular · 1 paymentAll FMKT payments⁠
One bar per payment. 1 payment from 2020 to 2026 YTD. Dec 23, 2025 $0.46. Use the arrow keys to read each point.$0$0.50202020232026YTD
TECBQuarterly · 27 paymentsAll TECB payments⁠
One bar per payment. 27 payments from 2020 to 2026 YTD. Mar 25, 2020 $0.14; Jun 15, 2020 $0.02; Sep 23, 2020 $0.04; Dec 14, 2020 $0.07; Mar 25, 2021 $0.04; Jun 10, 2021 $0.02; Sep 24, 2021 $0.04; Dec 13, 2021 $0.04; Mar 24, 2022 $0.05; Jun 9, 2022 $0.03; Sep 26, 2022 $0.05; Dec 13, 2022 $0.04; Mar 23, 2023 $0.03; Jun 7, 2023 $0.02; Sep 26, 2023 $0.02; Dec 20, 2023 $0.02; Mar 21, 2024 $0.05; Jun 11, 2024 $0.01; Sep 25, 2024 $0.08; Dec 17, 2024 $0.04; Mar 18, 2025 $0.03; Jun 16, 2025 $0.04; Sep 16, 2025 $0.05; Dec 16, 2025 $0.07; Mar 17, 2026 $0.04; Jun 15, 2026 $0.05; Sep 15, 2026 $0.05. Use the arrow keys to read each point.$0$0.50202020232026YTD

FMKT vs TECB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FMKT 13.8%since Jul 2025TECB 19.7%
Return per unit of riskSharpe ratio, 3 years
FMKT 0.02since Jul 2025TECB 1.17
Worst fallMax drawdown, 5 years
FMKT −17.8%since Jun 2025TECB −41.6%
Market sensitivityBeta, 5 years
FMKT 1.00TECB 1.25

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