At a glance
TMAT charges 0.82% a year, above the 0.65% average of the 2 funds most like it (the most expensive of 3). It has $237.4M in assets, the 3rd largest of that group; it paid 0.03% of its price in distributions over the past 12 months, annual. Over the past year it returned +0.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +31.6% a year. At its worst it fell 41.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 25 months after the low. Its ten largest positions make up 26.9% of the fund, out of 87 in all.
The short version
Main Thematic Innovation ETF (TMAT) is an actively managed fund from Main Management. It picks mostly US stocks tied to innovation themes such as cybersecurity, semiconductors and artificial intelligence, and it may sell options on them from time to time. It costs 0.82% a year, more than the 0.65% charged by the two funds with the most holdings in common. It has also swung much harder than the broad market: it fell 55.2% between February 2021 and October 2022.
Price history
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TMAT +0.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TMAT official prospectus, to Dec 31, 2025 | — | +20.01% | — | +0.09% | — | — |
| MSCI AC World Index index, same period | — | +22.34% | — | +11.08% | — | — |
| TMAT price data to Oct 27, 2026 | +14.8% | +0.9% | +31.6% | +4.6% | — | +1.9% |
- Over the year to Oct 27, 2026, TMAT returned +0.9%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +4.6%.
- Its worst full calendar year was 2022 (-39.3%); its best was 2023 (+32.3%).
- The deepest fall in its price history was 55.2% (Feb 22, 2021 to Oct 14, 2022), recovered by Sep 8, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.8% | — |
| 2025 | +20.1% | +20.01% |
| 2024 | +27.2% | +27.11% |
| 2023 | +32.3% | +32.42% |
| 2022 | -39.3% | -39.31% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.4% over that stretch · deepest drop along the way 41.4%, back to its old high 25 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0100 | -76.7% |
| 2022 | $0.0430 |
What's inside
As of Jul 31, 2026, the fund held 87 securities; the ten largest made up 26.86% of assets.
| Holding | Weight | |
|---|---|---|
| PALO ALTO NETWORKS INC | 4.46% | |
| MICRON TECHNOLOGY INC | 4.23% | |
| CROWDSTRIKE HOLDINGS INC | 2.77% | |
| FORTINET INC | 2.63% | |
| CLEAR SECURE INC | 2.43% | |
| VICOR CORP | 2.18% | |
| HINGE HEALTH INC | 2.09% | |
| LUMENTUM HOLDINGS INC | 2.06% | |
| ADVANCED MICRO DEVICES INC | 2.06% | |
| KEYSIGHT TECHNOLOGIES INC | 1.95% | |
| BENTLEY SYSTEMS INC | 1.88% | |
| RUBRIK INC | 1.86% | |
| CLOUDFLARE INC | 1.81% | |
| VARONIS SYSTEMS INC | 1.76% | |
| AAON INC | 1.70% |
By country
United States 88.19%Canada 5.54%Ireland 1.54%Chile 1.21%Taiwan 1.02%By asset type
Stocks 99.45%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $16.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.84%, +5.34%, -11.85%.
How it works
TMAT does not track an index. Its adviser, Main Management ETF Advisors, LLC, looks for innovation themes with a large "addressable market," meaning a large pool of potential demand. Examples include genomics, fintech, robotics, artificial intelligence, cybersecurity, clean energy, cloud computing and pet care. The size and growth rate of that market matter most, but the adviser also checks valuation measures such as price to earnings and price to sales. It aims for over 100 stocks of any size and can lean heavily on some sectors. As of July 31, 2026, it held 87 positions, and the top 10 made up 26.9% of assets. The largest were Palo Alto Networks (4.5%), Micron Technology (4.2%) and CrowdStrike (2.8%).
The managers set a price target for each stock. When a stock hits its target, they either raise the target or sell if the theme seems to have run its course. Rebalancing has no fixed schedule. Holdings are meant to be kept for years, and the prospectus reports 5% portfolio turnover.
The fund may write covered calls. That means it sells another investor the right to buy a stock it owns at a set price in return for an upfront payment, which gives up gains above that price. It may also sell secured puts or buy protective puts. The July 31, 2026, holdings report showed no option positions.
What it really costs
- TMAT charges 0.82% a year, versus an average of 0.65% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $84 in the first year and $1,014 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TMAT | $84 | $262 | $455 | $1,014 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
TMAT is a concentrated, actively picked bet on innovation stocks, and it has fallen much further than the broad market, so it fits only a small slice of a portfolio.
TMAT could add exposure to cybersecurity, chip and other innovation stocks, but it offers little stability. It launched in January 2021, so it has no record in the 2008 financial crisis or the 2020 COVID crash. It lost 41.4% in the 2022 bear market and needed 25 months to recover. Its deepest drop was 55.2%, from February 2021 to October 2022, and it took almost 35 months to climb back, finally doing so in September 2025. Its worst calendar year was 2022, at -39.3%. Anyone who had to sell shares for spending during that stretch would have locked in large losses. The yield was 0.03% as of October 27, 2026, paid once a year, so it provides almost no income. It costs 0.82% a year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, actively picked stake in innovation stocks such as Palo Alto Networks, Micron and CrowdStrike, with a tilt toward cybersecurity and chips.
- Long-term holders who can ride out deep drops without selling, like the 55.2% fall from February 2021 to October 2022.
- Those who prefer a patient, low-turnover approach: the prospectus reports 5% portfolio turnover and a holding period meant to span years.
Look elsewhere if
- Retirees who need regular income: the yield was 0.03% as of October 27, 2026, and the fund pays only once a year.
- Cost-conscious investors: TMAT's 0.82% expense ratio is above the 0.65% charged by AIPI and FEPI, the funds with the most holdings in common.
- Anyone who wants returns close to global stocks: the five-year average through 2025 was 0.09%, versus 11.08% for the MSCI ACWI Index.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is TMAT good for retirement?
TMAT is a high-risk fund, so it would fit only a small, satellite role in a retirement portfolio. It fell 55.2% from February 2021 to October 2022 and took almost 35 months to recover. Its five-year average annual return through December 31, 2025, was 0.09%, compared with 11.08% for the MSCI ACWI Index it aims to beat. It also pays almost no income: the yield was 0.03% as of October 27, 2026.
What stocks are in TMAT?
TMAT holds mostly US innovation stocks, with a heavy tilt toward cybersecurity and semiconductors. As of July 31, 2026, its largest positions were Palo Alto Networks (4.5%), Micron Technology (4.2%), CrowdStrike (2.8%), Fortinet (2.6%) and Clear Secure (2.4%). It held 87 stocks, and the top 10 made up 26.9% of assets. About 88% of assets were in US companies and 5.5% in Canadian companies, with small amounts in Ireland, Chile, Taiwan and Switzerland.
What is TMAT's expense ratio?
TMAT's expense ratio is 0.82% a year, which includes a 0.65% management fee, according to its prospectus filed February 24, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $84 in the first year, $455 over five years and $1,014 over ten years. That is more than the 0.65% charged by AIPI and FEPI, the two funds with the most holdings in common.
Does TMAT pay a dividend?
Yes, but very little. TMAT pays distributions once a year. Its trailing 12-month yield was 0.03% as of October 27, 2026, or about $0.01 per share. The fund is built for growth, not income. When it writes covered call options, the payments it collects are usually taxed as ordinary income rather than as qualified dividends. Retirees who need regular cash flow would have to rely on other holdings.
TMAT vs AIPI: what's the difference?
The two funds share only about 11% of their holdings, so they are not close substitutes. AIPI, the REX AI Equity Premium Income ETF, costs 0.65% a year versus 0.82% for TMAT. AIPI had about $441 million in net assets as of August 31, 2026, versus about $237 million for TMAT as of July 31, 2026. Over the year to October 27, 2026, AIPI returned 15.1% and TMAT returned 0.9%. TMAT spreads across many innovation themes and uses options only from time to time.