ETF Research Center

Main Thematic Innovation ETF

ALTAR
Score™

-1.8%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	65.7x	P/Sales ratio	2.5x
P/BV ratio	3.5x	Div. yield	0.7%

Description
Performance
Comps
Fundamentals
Valuation
Rating

TMAT is a fund-of-funds that rotates exposure to theme-based ETFs, selected by a committee.

FUND BASICS
Category	Global Equities
Fund Sponsor	Main Management
Website	www.mainmgtetfs.com/tmat/
Inception date	Jan 29, 2021
Assets (mns)	$125
Currency	USD
Expense ratio	164 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	11
Wgt avg mkt cap (mns)	$189,466
Large cap (>$10bn)	66.7%
Mid cap ($2-10bn)	19.2%
Small cap (<$2bn)	13.9%
Developed mkts	89.6%
Emerging mkts	9.9%

TOP TEN HOLDINGS
Total	99.6 %
ARK FINTECH INNOVATION ETF	12.6 %
FIRST TRUST CLOUD COMPUTING ETF	11.2 %
RENAISSANCE IPO ETF	10.7 %
VANECK VIDEO GAMING AND ESPORTS ET	10.6 %
DEFIANCE QUANTUM ETF	10.5 %
GLOBAL X ARTIFICIAL INTELLIGENCE &	10.2 %
FIRST TRUST NASDAQ ARTIFICIAL INTE	9.4 %
ARK GENOMIC REVOLUTION ETF	9.0 %
BITWISE CRYPTO INDUSTRY INNOVATORS	8.1 %
PROSHARES ONLINE RETAIL ETF	7.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	66.6 %
	JAPAN	5.8 %
	CHINA	4.7 %
	CANADA	2.7 %
	SOUTH KOREA	2.4 %
	NETHERLANDS	1.5 %
	SWITZERLAND	1.4 %
	ISRAEL	1.4 %
	TAIWAN	1.3 %
	CAYMAN ISLANDS	1.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.5%	21.0%	--	--	-7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.40	73%
MSCI EAFE	1.39	69%
MSCI Emg. Mkts.	1.32	66%

Technical Indicators
Recent close	$16.16
30d moving avg.	$14.57
Annualized volatility	31.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.2%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$50,935

Distributions

There were no matches found with other funds under coverage.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Main Thematic Innovation ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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 not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	-0.6	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	164	bp
Equals: ALTAR Score	-1.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.50

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.