TMAT vs TRFM: Grades, Fees and Holdings Compared

Main Thematic Innovation ETF

TMATDCboe

AAM Transformers ETF

TRFMANYSE Arca

Overlap

19.1%by weight

Expense ratio

TRFM −0.30pt a year

TMAT0.79%TRFM0.49%

Avg volume · 30D

TRFM 1.5×the volume

TMAT26.1KTRFM40.1K

TMAT vs TRFM Performance

Oct 31, 2025 – Oct 30, 2026

−4.3%TMAT+5.8%TRFM

Expense ratio: TMAT 0.79%; TRFM 0.49%, better
Fund size: TMAT $242M; TRFM $313M
1Y total return: TMAT −4.3%; TRFM +5.8%, better
Yield (12M): TMAT 0.02%; TRFM No data
Holdings: TMAT 86; TRFM 266
Avg volume (30D): TMAT 26.1K sh; TRFM 40.1K sh, better
NAV per share: TMAT $27.29; TRFM $53.79
52W range

ETF.net Grade

Pillar letters and Scores for TMAT, TRFM, with each pillar’s weight
Pillar	TMAT	TRFM
Cost30% weight	F5	A81Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	B66Higher
Tradability15% weight	B55	A70Higher
Holdings10% weight	A73	A89Higher
Durability5% weight	B59Higher	C50

Rank among Disruptive Innovation funds

How we build Categories ›

Same Category. TMAT and TRFM are both graded against the same 30 Disruptive Innovation funds, so their Grades compare head to head.

Disruptive Innovation⁠

Category · 30 funds

See all 30 ›

TRFM ranks 3rd and TMAT 28th of 30 funds in the Disruptive Innovation Category.

Rank 1AXTiShares Future Exponential Technologies ETFScore 86
Rank 2AKOMPState Street SPDR S&P Kensho New Economies Composite ETFScore 83
Rank 3ATRFMAAM Transformers ETFScore 74
Rank 4AXITKState Street SPDR FactSet Innovative Technology ETFScore 73
Rank 26DSPRXSpear Alpha ETFScore 34
Rank 28DTMATMain Thematic Innovation ETFScore 33
Rank 29DGGRWGabelli Growth Innovators ETFScore 28

Our read on each fund

ETF.net Research

TMATDMain Thematic Innovation ETF

TRFMAAAM Transformers ETF

In short

TMAT Most innovation ETFs pick one theme and ride it. TMAT picks the themes: an actively managed basket of theme ETFs that rotates between them, measured against a global stock benchmark rather than a single niche index.

TRFM Most disruption funds buy the story. TRFM screens for companies actually writing R&D checks, then spreads the theme across a couple hundred US-listed names instead of a concentrated bet on thirty.

Stated mandate

TMAT 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.

TRFM The Fund passively tracks the total return of the Pence Transformers Index before fees and expenses. The index targets U.S.-listed equity securities of companies positioned to benefit from significant changes in consumer behavior and technological innovation.

Why people hold it

TMAT One ticker, many themes: instead of betting on robotics or genomics alone, it rotates among theme-based equity ETFs, so the manager, not you, decides which story carries the weight.
The stated job is asymmetry: aim to beat the MSCI ACWI Index in rising markets while limiting losses in declines. That is a global yardstick, not a narrow innovation index.
Actively managed with no index to hug, and it has been running since its 2021 launch through a full boom and bust in innovation stocks as a few-hundred-million-dollar fund.stockanalysis.com

TRFM Candidates are screened on research-and-development spending, so names earn a slot with budget receipts, not just a narrative.nasdaq.com
0.49% a year, below the typical fee in its disruptive-innovation cohort, and it follows a published index rather than a manager's hunches.
Modified equal weighting across a couple hundred holdings keeps any single mega-cap from quietly becoming the whole theme.stockanalysis.com
Sits among the strongest implementations in its disruptive-innovation peer group on our review.

Worth knowing

TMAT Fees run 0.79% net of a waiver through February 29, 2028 (0.82% gross), above the category median, and the theme ETFs it holds carry their own costs on top of that.
Cheaper index-based alternatives exist in the same aisle: KOMP charges 0.20% and XT 0.46%, both rules-based builds that pick one basket instead of rotating themes for you.
It trades lightly for its category, so spreads can be wider, and available disclosure does not let us verify how well the rise-more, fall-less goal has been met.

TRFM Not the cheapest door into the theme. Broader innovation rivals such as KOMP carry a lower expense ratio.
Trades thinly next to the category's giants, so the bid-ask spread can matter more to your cost than the fee does.
Launched in 2022, so the track record is short, and the index stays US-listed (ADRs count) rather than buying foreign shares directly.stockanalysis.com

Full TMAT profile⁠

Full TRFM profile⁠

TMAT vs TRFM Holdings

How TMAT and TRFM differ

Overlap by weight

19.1%

Shared holdings make up 55.9% of TMAT and 19.4% of TRFM.

Level by level

Holdings41 in both19.1%
Sector10 Sectors79.3%
Countryby domicile83.0%
Asset classEquity100%

Sector

Sector weights in TMAT and TRFM, widest gap first
Sector	More in TMATMore in TRFM	TMAT	TRFM
Health Care	TMAT +13.0 points	13.0%	0.0%
Materials	TMAT +7.7 points	8.0%	0.3%
Utilities	TRFM +6.9 points	2.0%	8.9%
Consumer Discretionary	TRFM +5.8 points	0.1%	5.9%
Communication	TRFM +4.9 points	0.0%	4.9%
Financials	TRFM +1.4 points	0.2%	1.6%
Industrials	TRFM +1.1 points	20.4%	21.5%
Technology	TRFM +0.3 points	56.2%	56.5%
Consumer Staples	TRFM +0.3 points	0.0%	0.3%
Energy	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in TMAT and TRFM, widest gap first
Country	More in TMATMore in TRFM	TMAT	TRFM
United States	TMAT +13.2 points	92.5%	79.3%
Japan	TRFM +4.4 points	0.0%	4.4%
Canada	TMAT +3.8 points	5.2%	1.4%
China	TRFM +3.2 points	0.0%	3.2%
Germany	TRFM +2.1 points	0.0%	2.1%
Netherlands	TRFM +1.2 points	0.0%	1.2%
France	TRFM +1.1 points	0.0%	1.1%
United Kingdom	TRFM +1.0 points	0.0%	1.0%
Other countries (12)	TRFM +4.1 points	2.3%	6.4%

Concentration

Weight in the 10 largest Holdings

TMAT29.4%
TRFM8.6%

Securities held

TMAT86
TRFM266

Asset class

TMAT: Equity
TRFM: Equity

Holdings

Only in TMAT45
In both41
Only in TRFM225

Only in TMAT

45 securities, 44.2% of TMAT by weight

Hinge Health-A3.25%
Bentley System-B2.20%
Vicor Corp2.03%
Veracyte Inc1.78%
Autodesk Inc1.74%
Haemonetics Corp1.57%
Blackberry Ltd1.54%
Ero Copper Corp1.53%
Hudbay Minerals Inc1.53%
Twist Bioscience1.51%
Guardant Health1.38%
Veeva Systems-A1.37%
Element Solution1.36%
Adaptive Biotech1.35%
Gen Digital Inc1.32%
Aaon Inc1.31%
F5 Inc1.24%
Azz Inc1.18%
Steel Dynamics1.10%
Materion Corp0.98%
Myr Group Inc/De0.93%
Trimble Inc0.83%
Modine Mfg Co0.81%
Crane Co0.79%
Kadant Inc0.78%
Ipg Photonics0.77%
Agilent Tech Inc0.70%
Firefly Aerospac0.69%
Century Aluminum0.68%
Dexcom0.66%
Voyager Tech-A0.63%
Mettler-Toledo0.61%
Csw Industri Inc0.52%
Curtiss-Wright0.52%
Waystar Holding0.46%
General Dynamics0.41%
Almonty Industri0.40%
Usa Rare Earth I0.37%
Huntington Ingal0.35%
Intuitive Surgic0.31%
Space Explorat-A0.27%
Ss-Ins Tr Mm-Prm0.23%
Energy Fuels Inc0.16%
Gentherm Inc0.09%
Us Dollars<0.01%

Only in TRFM

225 securities, 80.6% of TRFM by weight

Texas Instruments Inc0.92%
Crowdstrike Holdings Inc0.90%
Datadog Inc0.88%
Synopsys Inc0.84%
Emerson Electric Co0.81%
Visa Inc0.80%
Palantir Technologies Inc0.80%
Tesla Inc0.80%
Cadence Design Systems Inc0.80%
Apple Inc0.79%
Microsoft Corp0.77%
Hewlett Packard Enterprise Co0.77%
AMETEK Inc0.76%
Meta Platforms Inc0.76%
Intel Corp0.75%
Southern Co/The0.74%
Cisco Systems Inc0.74%
American Electric Power Co Inc0.74%
Xcel Energy Inc0.74%
Astera Labs Inc0.73%
TransDigm Group Inc0.73%
Entergy Corp0.72%
Applied Materials Inc0.72%
Kla Corp0.72%
Broadcom Inc0.72%
Arista Networks Inc0.72%
Amphenol Corp0.71%
Amazon.com Inc0.70%
Monolithic Power Systems Inc0.70%
Ge Aerospace0.70%
NVIDIA Corp0.69%
NextEra Energy Inc0.69%
Dell Technologies Inc0.68%
Oracle Corp0.67%
Bloom Energy Corp0.67%
Snowflake Inc0.66%
Block Inc0.66%
Salesforce Inc0.65%
Lam Research Corp0.65%
Sandisk Corp0.64%
ASE Technology Holding Co Ltd0.64%
Airbnb Inc0.64%
Coherent Corp0.64%
Corning Inc0.63%
Alphabet Inc0.62%
Shopify Inc0.62%
Uber Technologies Inc0.61%
Advantest Corp0.60%
Boeing Co/The0.58%
Sap SE0.58%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in TMAT and TRFM, widest gap first
Holding	More in TMATMore in TRFM	TMAT	TRFM
Palo Alto NetworPANW	TMAT +4.14 points	4.99%	0.85%
Micron TechMU	TMAT +3.88 points	4.61%	0.73%
Rubrik Inc-ARBRK	TMAT +2.90 points	3.23%	0.33%
Varonis SystemsVRNS	TMAT +1.94 points	2.18%	0.24%
Clear Secure I-AYOU	TMAT +1.82 points	2.05%	0.23%
Lumentum HolLITE	TMAT +1.69 points	2.46%	0.77%
Fortinet IncFTNT	TMAT +1.61 points	2.24%	0.63%
Adv Micro DeviceAMD	TMAT +1.28 points	2.21%	0.93%
Keysight TecKEYS	TMAT +1.17 points	1.90%	0.73%
Cloudflare Inc-ANET	TMAT +1.07 points	1.85%	0.78%
Itt IncITT	TMAT +1.02 points	1.24%	0.22%
Generac HoldingsGNRC	TMAT +0.98 points	1.23%	0.25%
Woodward IncWWD	TMAT +0.91 points	1.12%	0.21%
Adv Energy IndsAEIS	TMAT +0.86 points	1.06%	0.20%
Rbc Bearings IncRBC	TMAT +0.80 points	1.02%	0.22%
Onto InnovationONTO	TMAT +0.68 points	0.88%	0.20%
Viavi SolutionsVIAV	TMAT +0.67 points	0.89%	0.22%
Qnity ElectronicQ	TMAT +0.67 points	0.90%	0.23%
Vertiv Holding-AVRT	TMAT +0.63 points	1.28%	0.65%
Teradyne IncTER	TMAT +0.59 points	1.21%	0.62%
Bwx TechnologiesBWXT	TMAT +0.58 points	0.77%	0.19%
Seagate TechnoloSTX	TMAT +0.55 points	1.17%	0.62%
Ge Vernova IncGEV	TMAT +0.56 points	1.26%	0.70%
Ondas IncONDS	TMAT +0.53 points	0.73%	0.20%
Zscaler IncZS	TMAT +0.51 points	0.82%	0.31%
Garmin LtdGRMN	TMAT +0.50 points	0.70%	0.20%
Taiwan Semic-AdrTSM	TMAT +0.48 points	1.04%	0.56%
Marvell TechnoloMRVL	TMAT +0.48 points	1.22%	0.74%
Vistra CorpVST	TMAT +0.47 points	1.16%	0.69%
Rockwell AutomatROK	TMAT +0.37 points	1.12%	0.75%
Axon EnterpriseAXON	TMAT +0.36 points	0.94%	0.58%
Parker HannifinPH	TRFM +0.35 points	0.33%	0.68%
Elbit SystemsESLT	TMAT +0.34 points	0.57%	0.23%
FabrinetFN	TMAT +0.30 points	0.48%	0.18%
Western DigitalWDC	TMAT +0.30 points	0.93%	0.63%
Constellation EnCEG	TMAT +0.26 points	0.92%	0.66%
Analog DevicesADI	TMAT +0.21 points	1.07%	0.86%
Karman HoldingsKRMN	TMAT +0.18 points	0.41%	0.23%
Kratos Defense &KTOS	TMAT +0.18 points	0.38%	0.20%
Aerovironment InAVAV	TMAT +0.16 points	0.37%	0.21%
Ciena CorpCIEN	TMAT +0.16 points	0.94%	0.78%

All TMAT holdings⁠All 270 TRFM 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.

TMAT vs TRFM Cost

Overpaying TMAT vs TRFM

$5,382

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

TMAT 0.79%
$15,174
TRFM 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

TMAT 0.79%
TRFM 0.49%
Overpaying

Year by year

Year	TMAT	TRFM	Overpaying
10	$1,405	$883	$522
20	$5,331	$3,394	$1,937
30	$15,174	$9,792	$5,382

Expense ratio

0.79%TMAT
0.49%TRFM, cheaper

TRFM0.49%TMAT0.79%

0.20%0.90%

Middle half of Disruptive Innovation funds
Median 0.65%

TRFM 4th cheapest of 30 funds

TMAT 28th cheapest of 30 funds

TMAT vs TRFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TMAT 0.02%; TRFM No data
Payout (12M): TMAT $0.005; TRFM No data
Last payment: TMAT $0.005; TRFM $0.08
Ex-dividend: TMAT Dec 23, 2025; TRFM Dec 31, 2025
Paid on: TMAT Dec 29, 2025; TRFM Jan 5, 2026
Frequency: TMAT Irregular; TRFM Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

TMATIrregular · 5 paymentsAll TMAT payments⁠

TRFMIrregular · 1 paymentAll TRFM payments⁠

TMAT vs TRFM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TMAT 28.3%TRFM 23.3%, better
Return per unit of riskSharpe ratio, 3 years: TMAT 0.88TRFM 1.02, better
Worst fallMax drawdown, 5 years: TMAT −51.9%TRFM −28.4%since Jul 2022
Market sensitivityBeta, 5 years: TMAT 1.83TRFM 1.64; Market = 1

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