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Data as of Nov 4, 2026.

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Thematic ETFs

FRWD vs TMAT: Holdings Overlap & Returns

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FRWD and TMAT hold 11% of their weight in the same names.

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Net assets: $285m on Jun 30, 2026 for Nomura Transformational Technologies ETF, and $237m on Jul 31, 2026 for Main Thematic Innovation ETF.

FRWD on its own →TMAT on its own →
At a glance
69.9%
FRWD in the S&P 500
50.3%
TMAT in the S&P 500
+15.0%
FRWD total return, since launch, Jan 13, 2026
−3.1%
TMAT total return, 1 year
FRWD · 6 months to Nov 4, 2026 30% of its weight is outside the S&P 500
30% of its weight is outside the S&P 50070% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 2026.70%30%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 74% · top ten 61% of the fund · 25 holdings as filed for Jun 30, 2026 · Nasdaq-100: 80% in30% of its weight is outside the S&P 50070% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 2026.70%30%in the S&P 500outsideactive share 74% · Nasdaq-100: 80% in

70% of FRWD's weight is in S&P 500 companies and 30% is outside the index. Holdings as of Jun 30, 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

FRWD costs 0.14 points a year less.

Points (pts) are percentage points.

FRWD vs TMAT: Holdings Overlap & Returns
MeasureFRWDTMAT
Return
Total return, 1 yearnot published−3.1%
Drawdown
Below its all-time high16.9%, high on Jun 18, 202615.9%, high on Jun 30, 2026
Against its benchmark
What it tracksBroad innovation and megatrendsBroad innovation and megatrends
Against its benchmark, 1 yearbehind by 18.1 pts
Cost and size
Expense ratio0.65%0.79%
Net assets, FRWD as of Jun 30, 2026 and TMAT as of Jul 31, 2026$285m$237m
Holdings
Holdings in common11%
ETFIQ S&P 500 Difference Score · TMAT scores higher How much of its weight does it not share with the S&P 500?
IQ Themes Score21.9FRWD61.4TMAT

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

11%

By the books each fund has filed, FRWD and TMAT hold 11% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

0 half 100%

half

11% in common

Positions both hold · largest shared weight first FRWD TMAT
Micron Technology, Inc. 5.14% 4.23%
Advanced Micro Devices, Inc. 7.80% 2.06%
Seagate Technology Holdings plc 7.74% 1.54%
Western Digital Corp. 5.04% 1.37%
Taiwan Semiconductor Manufacturing Co. Ltd. 6.30% 1.02%
Kratos Defense & Security Solutions, Inc. 2.45% 0.42%
Only in one fund ↓
Only in FRWD
NVIDIA Corp. 8.09%
Lam Research Corp. 6.64%
ASML Holding NV 5.07%
Broadcom, Inc. 4.65%
Samsung Electronics Co. Ltd. 4.14%
Texas Instruments, Inc. 3.77%
DoorDash, Inc. 3.29%
Netflix, Inc. 3.27%
Only in TMAT
PALO ALTO NETWORKS INC 4.46%
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%
KEYSIGHT TECHNOLOGIES INC 1.95%
Check overlap with more funds →

Window by window

Window by window: FRWD vs TMAT: Holdings Overlap & Returns
Total returnvs its benchmark
WindowFRWDTMATFRWDTMAT
3 months−10.7%−9.4%not measured−8.1 pts vs ACWI
6 months−5.2%−4.9%not measured−7.5 pts vs ACWI
1 year–−3.1%–−18.1 pts vs ACWI
3 years–+92.3%–+14.7 pts vs ACWI
Since launchNot the same days: FRWD Jan 2026 · TMAT Jan 2021+15.0%+7.5%not measured−85.1 pts vs ACWI

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Side by side

FRWD Nomura Transformational Technologies ETF · Holds 25 stocks in broad innovation and megatrends, 70% 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 Nomura Main
Theme Broad innovation and megatrends Broad innovation and megatrends
In the S&P 500 69.9% 50.3%
Active share vs the S&P 500 74.4% 91.6%
In the Nasdaq-100 79.9% 29.4%
Holdings 25 87
Top ten, share of the fund 60.6% 26.9%
Expense ratio 0.65% 0.79%
Fee for the differing part 0.87% 0.86%
Total return, 1 year +15.0% (since launch, Jan 13, 2026) −3.1%
vs its benchmark not measured −18.1 pts vs ACWI
Below its high −16.9% −15.9%
Net assets, FRWD as of Jun 30, 2026 and TMAT as of Jul 31, 2026 $285m $237m

As of Nov 4, 2026. Source: ETFIQ.

11% of the two portfolios are the same securities at the same weight.

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About each fund
FRWD

By weight, 70% of FRWD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 74%. The top ten holdings are 61% of the fund across 25 positions, as filed for Jun 30, 2026. Since it first traded on Jan 13, 2026 the fund returned +15.0% with distributions reinvested. It sits 16.9% below its all-time high of Jun 18, 2026.

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 FRWD and TMAT hold the same stocks?
By their latest filings, 11% 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, FRWD or TMAT?
FRWD has 70% of its weight in S&P 500 names and TMAT has 50%, so TMAT differs more from the index.
Which is cheaper, FRWD or TMAT?
FRWD charges 0.65% a year and TMAT charges 0.79%, so FRWD is cheaper. Fees come from each fund's prospectus.
Other comparisons
FRWD vs QQQJFRWD vs GXDWFRWD vs BUYZFRWD vs ABOTTMAT vs ARKKTMAT vs AOTGTMAT vs XTTMAT vs TNXT
Where to next
FRWD on its own →TMAT on its own →FRWD holdings →TMAT dividend history →TMAT holdings →Method →Standards and sources →
Sources and dates
FRWD filings on SEC EDGAR ↗
FRWD prospectus with the expense ratio (SEC) ↗
Nomura 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

It is a place in a set, not a rating or a recommendation.

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

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.