AVGE vs TOLL

AVGEAAvantis All Equity Markets ETF

TOLLBTema Durable Quality ETF

In short

AVGE Avantis's whole-world equity portfolio in one ticker: a fund built from its own factor ETFs across US, developed and emerging markets, tilted toward smaller and cheaper stocks, at 0.23% a year with no waiver involved.

TOLL TOLL 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

AVGE The fund seeks long-term capital appreciation through a broadly diversified equity portfolio. It invests directly or through Avantis ETFs and emphasizes companies expected to offer higher returns or better risk characteristics than a passive, market-cap-weighted index.

TOLL 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

• AVGE One ticker, the whole map: it owns a series of other Avantis ETFs spanning US, developed international and emerging markets.avantisinvestors.com
• 0.23% a year, below the typical global active equity fund, and that is the real number, not a temporary waiver.
• No closet indexing. The mandate emphasizes companies Avantis expects to offer higher returns or better risk traits than a passive, cap-weighted index.ifa.com
• Sits among the strongest implementations in its global active equity peer group, and it pays shareholders quarterly.

• TOLL The 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.
• 0.55% a year undercuts the typical actively managed global equity fund in its peer group, which runs closer to 0.69%.
• About 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

• AVGE At the fund level you hold a handful of Avantis ETFs, so the stock-level diversification is look-through and one firm's research drives the entire stack.avantisinvestors.com
• The prospectus targets roughly 70% US equity (band 63% to 77%), so the geographic mix follows Avantis's policy rather than global market weights.ifa.com
• A close sibling, AVTM, covers total equity markets at 0.22% with no waiver attached.

• TOLL A small, thinly traded fund. Spreads can be wider than on a giant index product, and sizeable orders deserve care at the open and close.
• Forty-odd holdings cuts both ways: a single stumble lands much harder here than in a broad index fund.
• Launched 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.

Full AVGE profile⁠

Full TOLL profile⁠