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Data as of Nov 4, 2026.

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Thematic ETFs

FMED vs TMAT: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FMED returned +27.4% to TMAT's −3.1%; 3% of their weight is in the same names.

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Net assets: $52m on Sep 30, 2026 for Fidelity Disruptive Medicine ETF, and $237m on Jul 31, 2026 for Main Thematic Innovation ETF.

FMED on its own →TMAT on its own →
At a glance
21.8%
FMED in the S&P 500
50.3%
TMAT in the S&P 500
+27.4%
FMED total return, 1 year
−3.1%
TMAT total return, 1 year
FMED · 1 year to Nov 4, 2026 78% of its weight is outside the S&P 500
78% of its weight is outside the S&P 50022% of FMED's weight is in S&P 500 companies and 78% is outside the index. Holdings as of Aug 31, 2026.22%78%in the S&P 500of its weight outside the S&P 500active share 98% · top ten 33% of the fund · 72 holdings as filed for Aug 31, 2026 · Nasdaq-100: 5% in78% of its weight is outside the S&P 50022% of FMED's weight is in S&P 500 companies and 78% is outside the index. Holdings as of Aug 31, 2026.22%78%inoutside the S&P 500active share 98% · Nasdaq-100: 5% in

22% of FMED's weight is in S&P 500 companies and 78% is outside the index. Holdings as of Aug 31, 2026.

TMAT · 1 year to Nov 4, 2026 50% of its weight is outside the S&P 500
50% of its weight is outside the S&P 50050% of TMAT's weight is in S&P 500 companies and 50% is outside the index. Holdings as of Jul 31, 2026.50%50%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 92% · top ten 27% of the fund · 87 holdings as filed for Jul 31, 2026 · Nasdaq-100: 29% in50% of its weight is outside the S&P 50050% of TMAT's weight is in S&P 500 companies and 50% is outside the index. Holdings as of Jul 31, 2026.50%50%in the S&P 500outside the S&P 500active share 92% · Nasdaq-100: 29% in

50% of TMAT's weight is in S&P 500 companies and 50% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

FMED costs 0.29 points a year less; their one-year returns differ by 30.5 points.

Points (pts) are percentage points.

FMED vs TMAT: Holdings Overlap & Returns
MeasureFMEDTMAT
Return
Total return, 1 year+27.4%−3.1%
Drawdown
Below its all-time high15.9%, high on Jun 30, 2026
Against its benchmark
What it tracksBroad innovation and megatrendsBroad innovation and megatrends
Its benchmark, total return, 1 year+15.0%
Against its benchmark, 1 yearbehind by 18.1 pts
Cost and size
Expense ratio0.50%0.79%
Net assets, FMED as of Sep 30, 2026 and TMAT as of Jul 31, 2026$52m$237m
Holdings
Holdings in common3%

Method

What they share

3%

By the books each fund has filed, FMED and TMAT hold 3% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

0 half 100%

half

3% in common

Positions both hold · largest shared weight first FMED TMAT
VERACYTE INC 1.01% 1.30%
VEEVA SYS INC 1.66% 0.88%
DEXCOM INC 0.71% 0.66%
WAYSTAR HOLDING CORP 0.91% 0.34%
INTUITIVE SURGICAL INC 2.05% 0.25%
Only in one fund ↓
Only in FMED
10X GENOMICS INC 5.19%
THERMO FISHER SCIENTIFIC INC 3.83%
DANAHER CORP 3.73%
NATERA INC 3.30%
ARGENX SE 3.20%
LIFESTANCE HEALTH GROUP INC 3.00%
REVOLUTION MEDICINES INC 2.87%
ILLUMINA INC 2.82%
Only in TMAT
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%
Check overlap with more funds →

Window by window

Window by window: FMED vs TMAT: Holdings Overlap & Returns
Total returnvs its benchmark
WindowFMEDTMATFMEDTMAT
3 months+14.9%−9.4%not measured−8.1 pts vs ACWI
6 months+31.2%−4.9%not measured−7.5 pts vs ACWI
1 year+27.4%−3.1%not measured−18.1 pts vs ACWI
3 years+57.8%+92.3%not measured+14.7 pts vs ACWI
Since launchNot the same days: FMED Jun 2023 · TMAT Jan 2021+31.7%+7.5%not measured−85.1 pts vs ACWI

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Side by side

FMED Fidelity Disruptive Medicine ETF · Holds 72 stocks in broad innovation and megatrends, 22% of its weight in S&P 500 companies TMAT Main Thematic Innovation ETF · Holds 87 stocks in broad innovation and megatrends, 50% of its weight in S&P 500 companies
Issuer Fidelity Main
Theme Broad innovation and megatrends Broad innovation and megatrends
In the S&P 500 21.8% 50.3%
Active share vs the S&P 500 97.5% 91.6%
In the Nasdaq-100 5.1% 29.4%
Holdings 72 87
Top ten, share of the fund 33.2% 26.9%
Expense ratio 0.50% 0.79%
Fee for the differing part 0.51% 0.86%
Total return, 1 year +27.4% −3.1%
vs its benchmark not measured −18.1 pts vs ACWI
Below its high −0.9% −15.9%
Net assets, FMED as of Sep 30, 2026 and TMAT as of Jul 31, 2026 $52m $237m

As of Nov 4, 2026. Source: ETFIQ.

3% of the two portfolios are the same securities at the same weight.

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About each fund
FMED

By weight, 22% of FMED's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 33% of the fund across 72 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +27.4% with distributions reinvested.

TMAT

By weight, 50% of TMAT's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 27% of the fund across 87 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned −3.1% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index Net, so a holder was behind by 18.1 pts. It sits 15.9% below its all-time high of Jun 30, 2026.

Questions people ask

Do FMED and TMAT hold the same stocks?
By their latest filings, 3% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, FMED or TMAT?
FMED has 22% of its weight in S&P 500 names and TMAT has 50%, so FMED differs more from the index.
Which is cheaper, FMED or TMAT?
FMED charges 0.50% a year and TMAT charges 0.79%, so FMED is cheaper. Fees come from each fund's prospectus.
Other comparisons
FMED vs GTEKFMED vs FRWDFMED vs FDTXFMED vs ILDRTMAT vs GDOCTMAT vs TNXTTMAT vs INVNTMAT vs GXDW
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →FMED on its own →TMAT on its own →FMED dividend history →FMED holdings →TMAT dividend history →TMAT holdings →Method →Standards and sources →
Sources and dates
FMED filings on SEC EDGAR ↗
FMED prospectus with the expense ratio (SEC) ↗
Fidelity website ↗
TMAT filings on SEC EDGAR ↗
TMAT prospectus with the expense ratio (SEC) ↗
Main website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, FMED against TMAT, data as of Nov 4, 2026. https://etfiq.com/compare/themes/fmed-vs-tmat

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