ETF Evaluator:
Main Thematic Innovation ETF ()
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(as of Aug 26)
Best Performing in Global Small/Mid Stock Over the Last Year
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ETF Details
Main Thematic Innovation ETF Overview
Main Thematic Innovation ETF (TMAT) is an actively managed International Equity Global Small/Mid Stock exchange-traded fund (ETF). Main Management ETFs launched the ETF in 2021.
The investment seeks to outperform the MSCI ACWI Index® in rising markets while limiting losses during periods of decline.
The adviser seeks to achieve the fund's objective through dynamic thematic rotation. The Adviser focuses its research primarily on identifying emerging, disruptive, and innovative themes that have an “addressable market”, i.e., a large market demand These themes may include genomics, fintech, e-commerce, robotics, artificial intelligence, cyber security, clean energy, cloud computing, autonomous tech, gaming & e-sports, and pet care.
About Main Thematic Innovation ETF (TMAT)
There are 5 members of the management team with an average tenure of 4.72 years: Kim Arthur (2021), James Concidine (2021), J. Richard Fredericks (2021), Alex Varner (2021) and Darol Ryan (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. Main Thematic Innovation ETF has 88 securities in its portfolio. The top 10 holdings constitute 26.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Main Thematic Innovation ETF is part of the Equity global asset class and is within the International Equity ETF group. Main Thematic Innovation ETF has 8.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.5% There is 8.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Main Thematic Innovation ETF has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $237 million in total assets, which is below the $286 million average for the Global Small/Mid Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TMAT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Main Thematic Innovation ETF expense ratio is high compared to funds in the Global Small/Mid Stock category. Main Thematic Innovation ETF has an expense ratio of 0.82%, which is 20% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Main Thematic Innovation ETF has a portfolio turnover rate of 5%, which indicates that it holds its assets around / 0.2 years. By way of comparison, the average portfolio turnover is 94% for the Global Small/Mid Stock category.
Recently, in the month of July 2026, Main Thematic Innovation ETF returned -11.9%, which earned it a grade of F, as the Global Small/Mid Stock category had an average return of -3.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Main Thematic Innovation ETF has a trailing yield of 0.02%, which is below the 1.65% category average.
The fund normally distributes its income semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Main Thematic Innovation ETF Grades
Year to date, the ETF has returned 10.8%, 1.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.2% over the past year (grade of F), 19.4% over the past three years (grade of A) and 4.0% per year over the past five years (grade of B).
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TMAT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TMAT Return (NAV) | -11.9% | 4.8% | 12.2% | 19.4% | 4.0% | na |
| TMAT Return (Price) | -11.9% | 4.9% | 12.4% | 19.6% | 4.0% | na |
| NAV +/- Price Return | 0.018% | -0.114% | -0.145% | -0.128% | -0.023% | na |
| Global Small/Mid Stock Avg | -3.4% | -2.0% | 21.6% | 9.0% | -0.7% | 3.2% |
| TMAT Grade (NAV) | F | A | F | A | B | na |
| +/- Category (NAV) | -8.4% | 6.7% | -9.3% | 10.5% | 4.7% | na |
| TMAT Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
TMAT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMAT Return (NAV) | 10.8% | 20.0% | 27.1% | 32.4% | -39.3% | na | na | na | na | na | na |
| TMAT Return (Price) | 10.8% | 20.1% | 27.2% | 32.3% | -39.3% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | 0.003% | 0.004% | -0.003% | -0.001% | na | na | na | na | na | na |
| Global Small/Mid Stock Avg | 12.5% | 21.5% | 3.5% | 3.0% | -21.6% | 0.3% | 44.8% | 26.2% | -16.9% | 19.7% | 3.3% |
| TMAT Grade (NAV) | D | C | A | A | F | na | na | na | na | na | na |
| +/- Category | -1.7% | -1.5% | 23.6% | 29.4% | -17.7% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.85 |
| R-Squared: | 63% |
| Standard Deviation: | 29.5% |
| Category Risk Index: | 1.47 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.40 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 237 Mil |
| Share Class Assets: | $ 237 Mil |
| Turnover: | 5.0% |
| Expense Ratio: | 0.82% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Semi-Annually |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): Arthur Kim (2021), Concidine James (2021), Fredericks J. Richard (2021), Varner Alex (2021), Ryan Darol (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 88 |
| % in Top 10 Holdings: | 26.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.9% |
Portfolio Allocation |
|
| Domestic Stock: | 90.5% |
| Foreign Stock: | 8.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Main Management ETFs |
| Phone Number: | 866-383-9778 |
| Website: | |
| Inception Date: | January 28, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.82% (Rating: High) |
| Category Average Expense Ratio (%): | 0.68% |
