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TOLL
Durable Quality ETF
Own Dominant, Tangible Moats
Why Invest in TOLL?
Differentiated Core
Offers a core solution built around quality companies with durable moats
Risk Management
Avoids industries vulnerable to disruption
Investment Expertise
Actively managed by a team with experience and process in quality investing
Portfolio Highlights
Leading U.S. prediction market and CFTC-regulated exchange, bringing event contracts across politics, economics, sports and culture to a rapidly growing audience.
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.
Portfolio holdings are subject to change. Review current holdings below.
Fund Overview
Fund Details
As of October 22, 2026
Ticker
TOLL
CUSIP
87975E107
Inception Date
05/10/23
Total Expense Ratio
0.55%
AUM
$56,632,107
Primary Exchange
CBOE BZX Exchange
Shares Outstanding
1,440,000
# of Holdings
39
Portfolio Manager
Yuri Khodjamirian, CFA
Fund Summary
The Tema Durable Quality ETF (TOLL) invests in quality companies with deep moats, dominant positions, and strong earnings visibility.
Portfolio Breakdown
Top 10 Holdings
As of October 23, 2026
Company
% of Nav
KALSHI SPV EXPOSURE
12.70%
VISA INC
5.73%
CBOE GLOBAL MARKETS INC
4.83%
FORTINET INC
4.35%
GE AEROSPACE
4.33%
LAM RESEARCH CORP
4.03%
PERFORMANCE FOOD GROUP CO
3.92%
THERMO FISHER SCIENTIFIC INC
3.48%
KLA CORP
3.44%
KEYSIGHT TECHNOLOGIES INC
3.14%
Country Breakdown
United States
72.80%Netherlands
5.53%Spain
2.13%Cash & Cash Equivalents
1.72%Others
17.82%Industry Breakdown
Information Technology
30.75%Financials
20.76%Others
12.74%Health Care
12.51%Industrials
11.47%Consumer Staples
5.96%Materials
2.50%Cash & Cash Equivalents
1.72%Utilities
1.59%ETF Characteristics
As of October 22, 2026
Return on Equity
Measures how efficiently companies generate profit relative to shareholder equity. Calculated as aggregated earnings divided by aggregated average book value over the year.
17.6%
Median Market Cap
The midpoint market capitalization among all companies held in the ETF. Half of the holdings have a market cap above this figure, and half below. It gives a snapshot of the typical company size in the fund, without being skewed by a few very large or very small positions.
$
79,457
M
Price-to-Earnings (P/E)
The aggregated price of the ETF's holdings divided by aggregated expected earnings of holdings.
24.7x
Price-to-Book Value (P/BV)
The aggregated price of the ETF's holdings divided by aggregated forecast book value of holdings.
4x
Price-to-Sales (P/S)
The aggregated price of the ETF's holdings divided by aggregated expected sales of holdings.
2x
Risk Statistics
As of September 30, 2026
Beta vs. S&P 500
Measures how the ETF's daily returns move relative to stated index (S&P 500). A beta of one means it moved one for one. This measure is a one-year raw beta.
1.01
Beta vs. Nasdaq 100
Measures how the ETF's daily returns move relative to stated index (Nasdaq 100). A beta of one means it moved one for one. This measure is a one-year raw beta.
0.67
Beta vs. MSCI-EAFE
Measures how the ETF's daily returns move relative to stated index (MSCI EAFE). A beta of one means it moved one for one. This measure is a one-year raw beta.
0.74
Beta vs. MSCI Emg. Mkts.
Measures how the ETF's daily returns move relative to stated index (MSCI Emerging Markets). A beta of one means it moved one for one. This measure is a one-year raw beta.
0.49
Standard Deviation
An annualized measure of how much the ETF's daily total returns have varied over the past year.
16.60%
Frequently Asked Questions About the TOLL ETF
As of Sep 8 2026
What types of companies does TOLL invest in?
TOLL invests in durable, quality businesses characterized by dominant and tangible moats—including exchanges, rating agencies, and railroads. All positions are public companies, with the exception of Kalshi, which is TOLL’s first and only private investment.
Why does TOLL invest in Kalshi?
Kalshi is the dominant U.S. prediction market platform, anchored by its status as the first CFTC-regulated exchange. Similar to traditional exchanges, Kalshi earns transaction and data fees without taking market risk. We believe Kalshi’s regulation and liquidity-driven network effects reinforce its growing dominance.
How does TOLL invest in Kalshi?
TOLL is the first ETF to provide exposure to Kalshi through a special purpose vehicle (SPV). SPVs are a well-established structure for investing in private companies and have been used by ETFs before.
How is your position in Kalshi valued?
TOLL’s Kalshi position was acquired and is marked at an implied $35 billion valuation as of Sep 8, 2026. Because the position is valued at transaction cost, the value reflected in the fund’s daily holdings file will remain unchanged unless further transactions occur.
How does the Kalshi position impact the fund’s NAV?
TOLL trades on the New York Stock Exchange, with its market price determined intraday by supply and demand. Net asset value (NAV) is calculated at the end of each trading day. Because Kalshi is held via an SPV, its valuation does not update continuously, instead is marked at our most recent transaction price.
What is the target position for Kalshi in TOLL?
TOLL follows systematic guidelines for portfolio construction. We size positions in three tiers and decide on the tier based on conviction—a combination of quality and valuation. Kalshi is deemed a high conviction position.
Aren’t SPVs expensive? How do I know I’m getting a fair deal?
SPV fee structures can vary. Tema has prioritized structures that do not charge management or performance fees. We believe this offers investors cost-effective access to Kalshi.
Are prediction markets legal?
Yes. Kalshi was the first U.S. federally regulated exchange for event contracts, authorized by the CFTC in 2020 as a Designated Contract Market.
- Performance
- Distributions
- Premium / Discount
Prices & Performance
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As of
Sep 30, 2026
- Sep 30, 2026
- Sep 30, 2026
TOLL
3 months
1 Year
3 Years
5 Years
Since inception
NAV
-2.56%
-2.56%
19.94%
19.94%
19.22%
19.22%
16.43%
16.43%
Market Price
-2.17%
-2.17%
19.69%
19.69%
19.21%
19.21%
16.46%
16.46%
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. 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
$0.103246
Dec 11, 2024
Dec 11, 2024
Dec 12, 2024
$0.63282052
$0.12082052
Dec 10, 2025
Dec 10, 2025
Dec 11, 2025
$0.11299851
$0.09989046
-0.04
0.04
0.01
-0.02
-0.14
-0.05
-0.14
-0.06
-0.82
-0.02
-0.04
-0.07
-0.11
-0.02
0.05
-0.02
0.35
0.15
0.22
0.31
0.18
0.17
-0.03
0.38
Premium/Discount
Сhart
Table
Days Traded at Nav
Days Traded at Premium
Days Traded at Discount
2023/Q2
0
35
0
2023/Q3
0
61
2
2023/Q4
1
61
1
2024/Q1
0
60
1
2024/Q2
0
63
0
2024/Q3
0
64
0
2024/Q4
0
64
0
2025/Q1
0
59
2
2025/Q2
0
60
2
2025/Q3
1
47
16
2025/Q4
0
38
26
2026/Q1
0
2
59
2026/Q2
0
6
56
2026/Q3
4
17
43
TOLL NAV / Market Price
NAV$39.33
Daily Change
-$0.86
-2.15%
Market Price$39.31
Daily Change
-$0.90
-2.23%
Premium/Discount-0.04%
30-Day Median Bid/Ask Spread0.32%
As of October 22, 2026
October-26
September-26
August-26
July-26
June-26
May-26
April-26
March-26
February-26
January-26
December-25
November-25
October-25
Portfolio Manager
Yuri Khodjamirian, CFA
Yuri is Chief Investment Officer at Tema ETFs. He has nearly two decades of 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.
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.
How to buy
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*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.
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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.
Special Purpose Vehicles and Private Company Risk: 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.