TMAT
Main Thematic Innovation ETF
TMAT is a fund-of-funds that rotates exposure to theme-based ETFs, selected by a committee.
Global
EQUITY
Active
MANAGEMENT STYLE
155.7 M
ASSETS UNDER MGMT
164 bp
EXPENSES
Fund Basics
| Fund sponsor | Main Management |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 29, 2021 |
| Assets (mns) | $156 |
| Expense ratio | 164 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Semi-annual |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| PALANTIR TECHNOLOGIES INC. CLASS A | 3.7 % |
| NVIDIA CORP | 3.4 % |
| CLOUDFLARE INC CLASS A | 2.5 % |
| BROADCOM INC. | 2.4 % |
| UPSTART HOLDINGS, INC. | 2.0 % |
| APPLOVIN CORP. CLASS A | 2.0 % |
| CIPHER MINING INC | 2.0 % |
| META PLATFORMS INC | 1.9 % |
| SNOWFLAKE, INC. CLASS A | 1.8 % |
| ROBINHOOD MARKETS, INC. CLASS A | 1.7 % |
Constituent Breakdown
| Number of holdings | 120 |
| Herfindahl-Hirschman Index | 159 |
| Wgt avg mkt cap (mns) | $144,051 |
| Large cap (>$10bn) | 50.8% |
| Mid cap ($2-10bn) | 33.9% |
| Small cap (<$2bn) | 14.9% |
| Developed mkts. | 92.0% |
| Emerging mkts. | 8.0% |
Country Exposure
 |
UNITED STATES | 73.5 % |
 |
CHINA | 3.8 % |
 |
ISRAEL | 2.6 % |
 |
CANADA | 1.7 % |
 |
TAIWAN | 1.6 % |
 |
BRITAIN | 1.4 % |
 |
SINGAPORE | 1.2 % |
 |
URUGUAY | 1.1 % |
 |
NETHERLANDS | 1.0 % |
 |
AUSTRALIA | 0.8 % |
Historical Performance
Standardized Performance (as of 01/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 4.3% | 40.3% | 22.7% | 7.3% | -- | -- | -3.0% | Volatility | 38.0% | 26.8% | 25.6% | 31.6% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.43 | 69% |
| MSCI EAFE | 1.20 | 49% |
| MSCI Emg Mkts | 1.18 | 48% |
Liquidity Measures
| Avg. volume (000) | 25 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.26% |
| ADV of underlying (mns) | $59,648 |
Technical Indicators
| Recent close | $21.66 |
| 30d moving avg. | $21.82 |
| Annualized volatility | 29.7% |
| Relative strength (RSI) | 61 |
| Short interest (ETF) | 0.4% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. TMAT |
Expenses vs. TMAT |
ALTAR Score™ vs. TMAT |
|---|---|---|---|---|
| MVPS | Amplify Thematic All-Stars ETF | 32.1% | -115 bp | +4.2% |
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | 31.2% | -119 bp | +4.4% |
| TRFM | AAM Transformers ETF | 25.8% | -115 bp | +2.4% |
| FCTR | First Trust Lunt U.S. Factor Rotation ETF | 25.2% | -99 bp | +6.5% |
| AIQ | Global X Artificial Intelligence & Technology ETF | 23.6% | -96 bp | +4.8% |
| FXL | First Trust Technology AlphaDEX Fund | 23.4% | -103 bp | +6.1% |
| OGIG | ALPS O'Shares Global Internet Giants ETF | 23.1% | -116 bp | +3.2% |
| CHAT | Roundhill Generative AI & Technology ETF | 23.1% | -89 bp | +4.8% |
| TECB | iShares U.S. Tech Breakthrough Multisector ETF | 22.8% | -124 bp | +4.9% |
| QTEC | First Trust NASDAQ-100 Technology Sector Index Fund | 22.5% | -107 bp | +5.3% |
Risk and Returns: TMAT vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 2/21/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
TMAT
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
TMAT
-1.3%
Cat. Avg
4.0%
ALTAR Score™ Calculation
Category Overview
There are 361 funds in the Global Equity category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.7%. TMAT's ALTAR Score™ is approximately
1.1 standard deviations
below
the category average. This places TMAT in the 13rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
TMATSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| TMAT (164 bp) Percentile rank | 99 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TMAT | 164.0 | 25.8 | 189.8 |
| Peer Avg. | 68.1 | 29.3 | 97.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .