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Launched · SEC filings

Tema Durable Quality ETF

TOLLCboeB

$40.81−0.05 (−0.12%)

As of Oct 13, 2026, 3:59 PM

B58/ 100

Rank 16 of 44 in Global Active Equity

B58/100Rank 16 of 44inGlobal Active Equity
Intraday session: down, 13 prints from 40.86 to 40.81. Range 40.66 to 40.88. Use the arrow keys to read each point.40.6540.7040.7510 AM12 PM2 PM4 PM
Expense ratio
0.55%
Fund size
$47M
1Y total return
+21.1%
Yield · Last 12 months
0.28%
Holdings
37
Avg volume · 30D
0M sh
NAV per share
$41.66
52W range
low $32.72high $42.00
Launched
Filings
SEC EDGAR

The ETF.net TOLL Grade

Based on 5 of 6 pillars

B

Score 58 out of 100

Category
Global Active Equity⁠
Rank
16 of 44
Six-pillar profile for TOLL. Scores out of 100: Cost 64, Risk 59, Mission not scored, Tradability 54, Holdings 48, Durability 57. Strongest: Cost (64). Weakest: Holdings (48). Based on 5 of 6 pillars.

Score 58 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B64 out of 100
    Rank 16 of 44

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B59 out of 100
    Rank 19 of 42

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C54 out of 100
    Rank 22 of 44

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C48 out of 100
    Rank 26 of 44

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 22 of 44

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 Oct 13, 2026
Asset class
Stocks
Holdings
37
Top-10 weight
53%
Largest holding
KALSHI SPV15.2%

Sectors

  • Technology40.7%
  • Financials21.2%
  • Industrials14.1%
  • Health Care13.1%
  • Consumer Staples6.7%
  • Materials2.7%
  • Utilities1.5%

Geography

  • United States85.32%
  • Netherlands3.80%
  • Switzerland2.83%
  • Taiwan2.47%
  • Spain2.22%
  • Canada1.16%
  • Germany1.14%
  • South Korea1.06%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001KALSHI SPVKalshi Spv Exposure15.24%7,440$7M1
002VVisa Inc5.20%6,273$2M558
003LRCXLam Research Corp5.16%7,833$2M606
004GEGe Aerospace4.45%6,776$2M405
005FTNTFortinet Inc4.44%10,809$2M468
006KLACKla Corp4.28%10,566$2M513
007CBOECboe Global Markets Inc4.02%6,349$2M332
008PFGCPerformance Food Group Co3.73%18,482$2M144
009KEYSKeysight Technologies Inc3.59%4,461$2M375
010TMOThermo Fisher Scientific Inc3.26%2,314$2M375
011AVGOBroadcom Inc3.18%4,212$1M754
012AMATApplied Materials Inc3.07%2,897$1M561
013SNPSSynopsys Inc2.63%2,457$1M381
014MCOMoody's Corp2.47%2,470$1M331
015MSCIMsci Inc2.42%2,001$1M307

Showing 1–15 of 37 holdings

TOLL Performance

Launched May 10, 2023

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

Not enough history yet.Not enough history yet.
TOLL$12,109
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. TOLL $12,109. SPY $12,044. Use the arrow keys to read each point.$9,556$11,077$12,598Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+1.3%
3 months+0.7%
1 year+21.1%
3 yearsper year+18.9%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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

Filtered to TOLL · Global Active Equity

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 Oct 12, 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.
15.3%
Annualised · 36 months to Sep 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.
0.94
vs 3-month T-bills · to Sep 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%
41 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.
1.02
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.

Other funds in Global Active Equity

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