AVTM vs TOLL

AVTMAAvantis Total Equity Markets ETF 1

TOLLBTema Durable Quality ETF

In short

AVTM Avantis' one-ticket world stock market: roughly 1,700 holdings, U.S. names owned directly and the overseas sleeves held through sister Avantis funds, all tilted toward cheaper, more profitable companies.

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

AVTM Seeks long-term capital appreciation through a broadly diversified total-market equity allocation, using individual securities and Avantis ETFs while emphasizing securities expected to offer higher returns or better risk characteristics than a passive market-capitalization-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

• AVTM Costs 0.22% net of a fee waiver (0.23% gross), a notch under stablemate AVGE at 0.23% and below the typical fee in its category.
• Owns U.S. companies directly rather than only stacking funds, then uses Avantis ETFs for developed and emerging markets abroad. One ticket, all market caps.sec.gov
• Benchmarked to 85% Russell 3000 and 15% MSCI ACWI ex-US IMI: a deliberately U.S.-heavy world portfolio, not a global cap-weight split.avantisinvestors.com
• One of the stronger builds in a crowded field of actively managed global equity funds.

• 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

• AVTM Avantis flags that much of the starting portfolio sits on a low tax basis, so the fund may realize and distribute more capital gains than other ETFs.avantisinvestors.com
• Trades thinly next to the index giants in its category, so spreads and order size matter more here.
• Launched January 2026, so the history is short, and with no index to follow the portfolio reflects Avantis' own valuation and profitability tilts.sec.gov

• 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 AVTM profile⁠

Full TOLL profile⁠