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TMAT vs XT

Main Thematic Innovation ETF

TMATDCboe

iShares Future Exponential Technologies ETF

XTANasdaq

Overlap

Expense ratio

XT −0.33pt a year

TMAT0.79%XT0.46%

Avg volume · 30D

XT 2.6×the volume

TMAT26.1KXT69.1K

5Y return · a year

XT +4.3pt

TMAT+3.0%XT+7.3%

TMAT vs XT Performance

Oct 29, 2021 – Oct 30, 2026

+16.0%TMAT+42.3%XT

Oct 29, 2021 to Oct 30, 2026. TMAT +16.0%. XT +42.3%. Use the arrow keys to read each point.−40%−20%0%Oct 2021Apr 2024Oct 2026
Expense ratio
TMAT 0.79%
XT 0.46%, better
Fund size
TMAT $242M
XT $3.98B
1Y total return
TMAT −4.3%
XT +20.1%, better
Yield (12M)
TMAT 0.02%
XT 6.82%, better
Holdings
TMAT 86
XT 216
Avg volume (30D)
TMAT 26.1K sh
XT 69.1K sh, better
NAV per share
TMAT $27.29
XT $83.53
52W range

ETF.net Grade

TMAT: Cost 5, Risk 34, Mission not scored, Tradability 55, Holdings 73, Durability 59. XT: Cost 95, Risk 91, Mission not scored, Tradability 77, Holdings 66, Durability 96.
Pillar letters and Scores for TMAT, XT, with each pillar’s weight
PillarTMATXT
Cost30% weightF5A95Higher
Mission25% weightNot scoredNot scored
Risk15% weightD34A91Higher
Tradability15% weightB55A77Higher
Holdings10% weightA73HigherB66
Durability5% weightB59A96Higher

Rank among Disruptive Innovation funds

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

Same Category. TMAT and XT 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 ›

XT ranks 1st and TMAT 28th of 30 funds in the Disruptive Innovation Category.

  1. Rank 1AXTiShares Future Exponential Technologies ETFScore 86
  2. Rank 2AKOMPState Street SPDR S&P Kensho New Economies Composite ETFScore 83
  3. Rank 26DSPRXSpear Alpha ETFScore 34
  4. Rank 28DTMATMain Thematic Innovation ETFScore 33
  5. Rank 29DGGRWGabelli Growth Innovators ETFScore 28

Our read on each fund

ETF.net Research

TMATDMain Thematic Innovation ETF

XTAiShares Future Exponential Technologies 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.

XT Innovation, spread thin on purpose. XT holds roughly 200 global companies scored by Morningstar analysts for exposure to a handful of exponential tech themes, so no single moonshot carries the fund.

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.

XT XT seeks to track an index of stocks from developed and emerging markets whose companies create or use exponential technologies. The strategy targets technologies with potential economic benefits, including the ability to displace older technologies or create new markets.

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
  • XT Cheap for the theme at 0.46% a year, below the typical fee in its disruptive-innovation cohort and under peers like TRFM and FDTX.
  • Human fingerprint on the stock list: Morningstar equity analysts score companies on theme exposure instead of sorting by keywords or revenue tags.sec.govcontentstack.io
  • Global by construction (developed and emerging markets) and not fenced into the tech sector, so a drugmaker or an industrial can qualify on theme exposure.sec.gov
  • Launched in 2015 and now a multi-billion-dollar iShares fund, it stands among the stronger builds in its innovation peer group.ishares.com

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.
  • XT The index has been reworked since launch (weighting scheme, theme list), and themes get an annual review, so today's tilt is not fixed forever.morningstar.comsec.gov
  • Moderately traded rather than a household name, which can mean wider spreads than the biggest tech ETFs.
  • About 200 positions dilutes any single breakout winner, and distributions land only once or twice a year.

Full TMAT profile⁠

Full XT profile⁠

TMAT vs XT 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 XT Cost

Overpaying TMAT vs XT

$5,944

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

  • TMAT 0.79%

    $15,174

  • XT 0.46%

    $9,230

$10,000
30 years

Cost over time

  • TMAT 0.79%
  • XT 0.46%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TMAT $15,174XT $9,230

Year by year

YearTMATXTOverpaying
10$1,405$830$575
20$5,331$3,195$2,136
30$15,174$9,230$5,944

Expense ratio

  • 0.79%TMAT
  • 0.46%XT, cheaper
  • Middle half of Disruptive Innovation funds
  • Median 0.65%

XT 3rd cheapest of 30 funds

TMAT 28th cheapest of 30 funds

TMAT vs XT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TMAT 0.02%
XT 6.82%, better
Payout (12M)
TMAT $0.005
XT $5.69
Last payment
TMAT $0.005
XT $0.36
Ex-dividend
TMAT Dec 23, 2025
XT Jun 15, 2026
Paid on
TMAT Dec 29, 2025
XT Jun 18, 2026
Frequency
TMAT Irregular
XT Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

TMATIrregular · 5 paymentsAll TMAT payments⁠
One bar per payment. 5 payments from 2017 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.$0$52017202020232026YTD
XTTwice a year · 23 paymentsAll XT payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.24; Dec 21, 2017 $0.10; Dec 28, 2017 $0.0072; Jun 19, 2018 $0.29; Dec 18, 2018 $0.18; Dec 28, 2018 $0.02; Jun 17, 2019 $0.36; Dec 16, 2019 $0.30; Jun 15, 2020 $0.24; Dec 14, 2020 $0.19; Dec 30, 2020 $0.01; Jun 10, 2021 $0.27; Dec 13, 2021 $0.28; Jun 9, 2022 $0.22; Dec 13, 2022 $0.15; Jun 7, 2023 $0.14; Dec 20, 2023 $0.11; Jun 11, 2024 $0.16; Dec 17, 2024 $0.22; Dec 30, 2024 $0.0094; Jun 16, 2025 $0.21; Dec 16, 2025 $5.33; Jun 15, 2026 $0.36. Use the arrow keys to read each point.$0$52017202020232026YTD

TMAT vs XT Risk

Fall from peak · 5 years

  • TMAT
  • XT
Oct 29, 2021 to Oct 30, 2026. Worst fall: TMAT −51.9% · Oct 2022. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TMAT 28.3%XT 16.5%, better
Return per unit of riskSharpe ratio, 3 years
TMAT 0.88XT 1.08, better
Worst fallMax drawdown, 5 years
TMAT −51.9%XT −34.4%, better
Market sensitivityBeta, 5 years
TMAT 1.83XT 1.35

TMAT and XT in the news

All news⁠

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