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TOLL

GradeBChicago Board Options Exchange

Tema Durable Quality ETF

Active Equity · Tema · Inception 2023-05-10

$40.71−0.16 (−0.40%)

As of Sep 23, 2026, 1:50 PM EDT

History starts May 11, 2023.
Intraday session: down, 10 prints from 40.87 to 40.71. Range 40.64 to 40.87. Use the arrow keys to read each point.$40.80$40.9010 AM12 PM2 PM4 PM
Expense ratio
0.55%
Fund size
$59M
1Y return
+19.1%
Yield · Last 12 months
0.28%
Holdings
42
Volume · 30D
0M sh
NAV per share
$40.73
52W range
low $32.72high $41.94

The ETF.net TOLL Grade

B

57/ 100

Rank 17 of 44 in Global Active Equity⁠

Confidence Medium

Six-pillar profile for TOLL. Scores out of 100: Cost 64, Risk 59, Mission not scored, Tradability 47, Holdings 50, Durability 63. Strongest: Cost (64). Weakest: Tradability (47). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 57 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 64
    Category rank17/44 · top 39%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank17/42 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank27/44 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 50
    Category rank25/43 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank19/44 · top 43%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TOLL

ETF.net Research

BTOLL buys the toll booths. Tema's managers fish only in industries concentrated enough to clear a Herfindahl-Hirschman score above 2,500, then run about 40 of those names as an active global portfolio.

Stated mandate

The Fund seeks long-term capital growth through an actively managed portfolio of domestic and foreign publicly listed companies selected partly for operating-market concentration.

Why people hold it

  1. 01The screen is stated up front: candidate industries must clear a Herfindahl-Hirschman concentration score above 2,500. You know what the manager is hunting before you own it.
  2. 020.55% a year undercuts the typical actively managed global equity fund in its peer group, which runs closer to 0.69%.
  3. 03About 40 names, anchored in US and Canadian listings with room for up to 25% in emerging markets. Concentrated enough that individual picks actually move the needle.

Worth knowing

  1. 01A small, thinly traded fund. Spreads can be wider than on a giant index product, and sizeable orders deserve care at the open and close.
  2. 02Forty-odd holdings cuts both ways: a single stumble lands much harder here than in a broad index fund.
  3. 03Launched in 2023, so the live record is short and hasn't been tested across a full market cycle. Payouts come once or twice a year, not monthly.

TOLL Holdings

As of Sep 20, 2026, 6:07 AM
Asset class
Stocks
Holdings
42
Top-10 weight
51%
Largest holding
KALSHI SPV12.2%

Sectors

  • Technology39.1%
  • Financials21.4%
  • Industrials14.7%
  • Health Care13.8%
  • Cons. Staples6.7%
  • Materials2.8%
  • Utilities1.4%

Geography

  • United States87.85%
  • Netherlands4.11%
  • Spain2.30%
  • Taiwan2.02%
  • Canada1.27%
  • Germany1.07%
  • France0.84%
  • South Korea0.53%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001KALSHI SPVKALSHI SPV EXPOSURE12.21%7,440$7M1
002FTNTFORTINET INC5.32%18,354$3M465
003VVISA INC5.04%8,033$3M550
004LRCXLAM RESEARCH CORP4.92%10,009$3M591
005GEGE AEROSPACE4.64%8,664$3M404
006CBOECBOE GLOBAL MARKETS INC4.27%9,170$3M320
007KLACKLA CORP4.08%13,510$2M506
008PFGCPERFORMANCE FOOD GROUP CO3.71%23,666$2M141
009TMOTHERMO FISHER SCIENTIFIC INC3.28%2,954$2M369
010KEYSKEYSIGHT TECHNOLOGIES INC3.26%5,709$2M368
011AMATAPPLIED MATERIALS INC2.80%3,697$2M558
012AVGOBROADCOM INC2.76%4,537$2M732
013MCOMOODY'S CORP2.51%3,142$1M327
014MSCIMSCI INC2.40%2,545$1M308
015WATWATERS CORP2.27%3,158$1M277

Showing 1–15 of 41 holdings

TOLL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TOLL$11,910
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TOLL $11,910. SPY $11,723. Use the arrow keys to read each point.$9,320$10,848$12,376Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TOLL. Periods over one year show the average yearly return.
PeriodTOLL
Year to date+16.0%
1 month+3.6%
3 months−0.9%
1 year+19.1%
3 years+18.9%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TOLL
YearReturn barTOLL
2026 YTD+16.0%
2025+11.4%
2024+12.8%
2023+15.4%

History from May 11, 2023

TOLL in the news

ETF.net Research hasn’t filed on TOLL yet — coverage lands here as it’s written.

TOLL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.28%Last 12 months
Payout per share
$0.11Last 12 months
Last payment
$0.11 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 13, 2023 $0.10; Dec 11, 2024 $0.63; Dec 10, 2025 $0.11. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 10, 2025Dec 11, 2025$0.11
Dec 11, 2024Dec 12, 2024$0.63
Dec 13, 2023Dec 15, 2023$0.10

TOLL Risk

How much the fund’s monthly returns vary, scaled to a year.
15.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.70
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−15.5%
40 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.04
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TOLL Cost

Expense ratio0.55%
  • The middle half of Global Active Equity funds
  • Median 0.69%

15 of the 44 Global Active Equity funds charge less.

TOLL costs $55.00 a year on $10,000. The median Global Active Equity fund costs $69.00.