TOLL
Durable Quality ETF

Quality Companies with Durable, Tangible, and Dominant Moats.

Why Invest in TOLL?

Durability

TOLL selects companies with dominant competitive positions, often providing mission-critical goods and services that generate recurring revenue.

Tangibility

The digital economy has proven ripe for disruption. By contrast, TOLL invests in companies with tangible asset characteristics, including infrastructure, financial services, and network industries.

Investment Expertise

TOLL is actively managed by an experienced investment team with deep expertise in identifying companies that have built durable moats.

Portfolio Highlights

Broadcom (AVGO) is a global technology leader whose semiconductor chips power the networking, storage, and wireless connectivity within virtually every major data center, smartphone, and enterprise system.

Visa (V) operates the world's largest retail electronic payments network, processing over 200 billion transactions annually across more than 160 currencies.

GE Aerospace (GE) is the world's largest jet engine manufacturer , with engines powering roughly half of all commercial aircraft in service.

Fund Overview

Fund Details

As of May 05, 2026

Ticker

TOLL

CUSIP

87975E107

Inception Date

05/10/23

Total Expense Ratio

0.55%

AUM

$49,587,313

Primary Exchange

CBOE BZX Exchange

Shares Outstanding

1,320,000

# of Holdings

Portfolio Manager

Yuri Khodjamirian, CFA

Fund Summary

The Tema Durable Quality ETF (TOLL) invests in companies with deep moats, high barriers to entry, and strong earnings visibility—many of which hold monopoly positions within their industries.

TOLL Overview

Summary Prospectus

Portfolio Breakdown

Top 10 Holdings

As of May 05, 2026

Company

% of Nav

KALSHI SPV EXPOSURE

8.38%

LAM RESEARCH CORP

5.65%

CBOE GLOBAL MARKETS INC

4.85%

VISA INC

4.81%

GE AEROSPACE

4.63%

KLA CORP

4.35%

ON SEMICONDUCTOR CORP

3.85%

PERFORMANCE FOOD GROUP CO

3.76%

BROADCOM INC

3.54%

FORTINET INC

3.19%

Download Holdings

Country Breakdown

United States

84.22%

Netherlands

4.33%

Spain

2.02%

France

0.92%

Others

8.51%

Industry Breakdown

Information Technology

32.52%

Financials

20.25%

Industrials

16.42%

Health Care

12.57%

Consumer Staples

5.70%

Materials

2.50%

Utilities

1.53%

Cash & Cash Equivalents

0.09%

ETF Characteristics

As of May 05, 2026

Returns on Equity

21.90%

Weighted Average Market Cap

186,118 M

Price-to-Earnings (P/E)

20.1

Price-to-Book Value (P/BV)

4.1

Price-to-Sales (P/S)

2.2

Risk Statistics

As of April 30, 2026

Versus

BETA

MOAT

0.76

S&P 500

0.91

Nasdaq 100

0.63

MSCI-EAFE

0.71

MSCI Emg. Mkts.

0.50

Standard Deviation

14.20%

Performance
Distributions
Premium / Discount

Prices & Performance

As of

Apr 30, 2026

TOLL

3 months

1 Year

3 Years

5 Years

Since inception

NAV

1.78% -4.15%

16.91% 5.83%

15.23% 11.99%

Market Price

1.71% -4.23%

15.92% 5.35%

15.10% 11.90%

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please email info@temaetfs.com. Returns for periods of less than one year are not annualized.

The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date because there is no bid/ask spread until the fund starts trading.

Distributions

Record Date

Ex-Date

Payable Date

Total Distribution

Income

Dec 14, 2023

Dec 13, 2023

Dec 15, 2023

$0.103246

Dec 11, 2024

Dec 12, 2024

$0.63282052

$0.12082052

Dec 10, 2025

Dec 11, 2025

$0.11299851

$0.09989046

-0.29 -0.31 -0.1 0.22 0.41 0.23 0.22 0.3 0.43 0.34 0.19 0.23 0.31 0.13 0.24 0.23 0.51 0.16 0.36 0.35 0.36 0.48

Premium/Discount

Сhart Table

Days Traded at Nav

Days Traded at Premium

Days Traded at Discount

2023/Q2

2023/Q3

2023/Q4

2024/Q1

2024/Q2

2024/Q3

2024/Q4

2025/Q1

2025/Q2

2025/Q3

2025/Q4

2026/Q1

TOLL NAV / Market Price

NAV$37.57

Daily Change$0.47

Market Price$37.46

Median Bid/Ask Spread (30 Day)0.35%

Market Price Change (1D)$0.48

Premium/Discount-0.29%

As of, May 05, 2026

May-26 April-26 March-26 February-26 January-26 December-25 November-25 October-25 September-25 August-25 July-25 June-25 May-25

Full profile

Portfolio Manager

Yuri Khodjamirian, CFA

Yuri is Chief Investment Officer at Tema ETFs. He has over 17 years investment experience primarily from Majedie Asset Management where he managed UK and global equity portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.

Full profile

Portfolio Manager

Hong Yi Chen, CFA

Hong Yi Chen is an Investment Partner at Tema ETFs. Hong has 15 years of investment experience, primarily at Majedie Asset Management and Liontrust Asset Management, where he managed US and global funds with over $1 billion in assets under management. He also has experience as a long/short equity analyst. Hong holds a degree in Economics from Cambridge University and is a CFA charter holder.

Full profile

Using TOLL in a Portfolio

Investment Style Box

Source: Tema. The investment style Box reveal’s a fund’s investment strategy by showing its investment style and market capitalization based on the fund’s portfolio holdings.

Potential Portfolio

Equity Allocation

10-20%

of Equity Core

TOLL ETF

Satellite

Equity core

Where could a position be funded from?

The TOLL ETF seeks to provides exposure to quality companies with dominant and durable moats, and could serve as a replacement for a large cap blend or growth position.
Most equity portfolios today are heavily exposed to large and mega cap tech, and TOLL provides a way to diversify away from an overallocation to the technology sector.
The TOLL ETF may also act as a tax-efficient and liquid way to introduce the quality factor to a portfolio.

How to buy

*Neither Tema ETFs LLC nor undefined ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.

Latest Research & Insights

Stay informed with our latest research, insights, and market analysis to make better investment decisions.

Why Semiconductor Equipment Makers Are the Picks and Shovels of the AI Era

Semiconductor equipment makers are essential to the AI era, driving chip demand and shaping the future of technology with their durable franchises.

Read the Full Article

Investors Are Looking to Put a HALO Around Their Portfolio

The “HALO” trade is gaining traction among investors. We explore how tollkeepers and durable moats put this idea into practice.

Read the Full Article

How to Build a Moat AI Can’t Disrupt

Discover how to build resilient business moats in an AI-driven economy by focusing on physical assets and scarcity rather than intangible digital assets.

Read the Full Article

Risk Information

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus or summary prospectus, which may be obtained by visiting www.temaetfs.com. Read the prospectus carefully before investing.

Diversification does not ensure profits or prevent losses.

On 06/27/2025 the Tema Monopolies and Oligopolies ETF was renamed Tema Durable Quality ETF. Investing involves risk including possible loss of principal. There is no guarantee the adviser’s investment strategy will be successful.

*SPVs (Special Purpose Vehicle) have increased liquidity and valuation risk. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer’s financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund’s assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of nonexchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. Please see the TOLL fund page for more information.

Sector Focus Risk: The Fund may invest a significant portion of its assets in one or more sectors, including Engineering and construction, Financial Sector, FinTech, Industrials and Infrastructure, and thus will be more susceptible to the risks affecting those sectors than funds that have more diversified holdings across several sectors.

The success of the Fund’s investment strategy depends in part on the ability of the companies in which it invests to maintain proprietary technology used in their products and services. Companies in which the Fund invests will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise.

Similarly, if a company is found to infringe upon or misappropriate a third-party’s patent or other proprietary rights, that company could be required to pay damages to such third-party, alter its own products or processes, obtain a license from the third-party and/or cease activities utilizing such proprietary rights, including making or selling products utilizing such proprietary rights. These disputes and litigations may be detrimental to performance.

Investing in Foreign and emerging markets involves risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. In addition, the fund is exposed to currency risk.

Because the Fund evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these ESG factors.

Tema ETFs LLC serves as the investment adviser to Tema Durable Quality ETF (the “Fund”), and Tidal Investments LLC serves as a sub-adviser to the Fund. The Fund is distributed by Vigilant Distributors, LLC, which is not affiliated with Tema ETFs LLC nor Tidal Investments LLC. Check the background of Vigilant Distributors, LLC on FINRA’s BrokerCheck.

Get in Touch

TOLL Durable Quality ETF

Why Invest in TOLL?

Durability

Tangibility

Investment Expertise

Portfolio Highlights

Fund Overview

Fund Details

As of May 05, 2026

Fund Summary

Portfolio Breakdown

Top 10 Holdings

As of May 05, 2026

Country Breakdown

United States

Netherlands

Spain

France

Others

Industry Breakdown

Information Technology

Financials

Industrials

Health Care

Consumer Staples

Materials

Utilities

Cash & Cash Equivalents

ETF Characteristics

As of May 05, 2026

Risk Statistics

As of April 30, 2026

Prices & Performance

TOLL

3 months

1 Year

3 Years

5 Years

Since inception

Distributions

Record Date

Ex-Date

Payable Date

Total Distribution

Income

Premium/Discount

Days Traded at Nav

Days Traded at Premium

Days Traded at Discount

TOLL NAV / Market Price

Portfolio Manager

Yuri Khodjamirian, CFA

Portfolio Manager

Hong Yi Chen, CFA

Using TOLL in a Portfolio

Investment Style Box

Potential Portfolio

Equity Allocation

10-20%

of Equity Core

Where could a position be funded from?

Fund Documents

How to buy

Latest Research & Insights

Why Semiconductor Equipment Makers Are the Picks and Shovels of the AI Era

Investors Are Looking to Put a HALO Around Their Portfolio

How to Build a Moat AI Can’t Disrupt

Subscribe for Updates

Risk Information

TOLL
Durable Quality ETF