At a glance
TOLL charges 0.55% a year, above the 0.5% average of the 3 funds most like it (the 3rd cheapest of 4). It has $49.1M in assets, the 4th largest of that group; it paid 0.27% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +20.2% a year. Its ten largest positions make up 49.4% of the fund, out of 38 in all.
The short version
Tema Monopolies and Oligopolies ETF (TOLL), renamed Tema Durable Quality ETF in its June 29, 2026 prospectus, is an actively managed stock fund. It buys companies that operate in highly concentrated markets, such as stock exchanges, payment networks and toll roads. As of May 31, 2026, it held 38 positions. Its 0.55% expense ratio is a little above the 0.50% average for similar funds, and its largest position is not a stock: an 8.15% stake listed as "Kalshi SPV Exposure."
Price history
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TOLL +14.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TOLL official prospectus, to Dec 31, 2025 | — | +12.64% | — | — | — | +15.02% |
| TOLL price data to Oct 27, 2026 | +13.7% | +14.5% | +20.2% | — | — | +15.5% |
- Over the year to Oct 27, 2026, TOLL returned +14.5%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2025 (+11.3%); its best was 2024 (+12.8%).
- The deepest fall in its price history was 15.5% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.7% | — |
| 2025 | +11.3% | +12.64% |
| 2024 | +12.8% | +12.01% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1100 | -82.5% |
| 2024 | $0.6300 |
What's inside
As of May 31, 2026, the fund held 38 securities; the ten largest made up 49.37% of assets.
| Holding | Weight | |
|---|---|---|
| Kalshi SPV Exposure Other | 8.15% | |
| Lam Research Corp | 6.19% | |
| General Electric Co | 4.86% | |
| Fortinet Inc | 4.65% | |
| Visa Inc | 4.63% | |
| KLA Corp | 4.58% | |
| Cboe Global Markets Inc | 4.47% | |
| ON Semiconductor Corp | 4.29% | |
| Performance Food Group Co | 4.02% | |
| Broadcom Inc | 3.51% | |
| Keysight Technologies Inc | 3.35% | |
| Applied Materials Inc | 2.97% | |
| MSCI Inc | 2.90% | |
| Ferrovial NV | 2.78% | |
| Thermo Fisher Scientific Inc | 2.63% |
By country
United States 91.78%Netherlands 4.09%Spain 2.06%Taiwan 1.15%France 0.85%By asset type
Stocks 91.78%Other 8.15%By sector
Sectors of the companies held, for the 58.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors withdrew a net $3.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.96%, +9.88%, +6.53%.
How it works
TOLL, renamed Tema Durable Quality ETF in its prospectus filed June 29, 2026, is actively managed: adviser Tema ETF LLC picks stocks instead of tracking an index. At least 80% of net assets goes into companies in highly concentrated markets, measured by the Herfindahl–Hirschman Index (HHI): square each competitor's market share and add them up. A one-firm market scores 10,000. A company qualifies if the market behind more than half its revenue scores above 2,500, the U.S. Justice Department's usual line for "highly concentrated." Eligible industries include railroads, toll roads, stock exchanges, ratings agencies and payments companies.
Companies need a market value of at least $100 million and average daily trading value of at least $500,000 over three months. The adviser favors stocks it judges attractively valued, comparing ratios such as price-to-earnings with growth, margins and returns on capital, and sets position sizes. The fund usually holds more than 15 and no more than 100 companies, may put up to 25% in emerging markets and does not hedge currency moves.
As a "non-diversified" fund, it can hold big stakes in few companies. As of May 31, 2026, the largest of its 38 holdings, at 8.2%, was "Kalshi SPV Exposure," a stake held through a special purpose vehicle and classed as "other" rather than stock.
What it really costs
- TOLL charges 0.55% a year, versus an average of 0.5% for the similar funds below (3rd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TOLL | $56 | $176 | $307 | $689 |
In a retirement portfolio
It is a small, concentrated, actively managed fund with a short record and an unusual largest holding, so it fits as a modest add-on rather than a core position.
TOLL could add a slice of companies with strong market positions, such as Visa, Cboe Global Markets and Lam Research. It launched on May 11, 2023, so it has not been through a crash like 2008, 2020 or 2022. Its prospectus shows gains in both full calendar years: 12.01% in 2024 and 12.64% in 2025. Its deepest drop was 15.5%, from February 19 to April 8, 2025, and it recovered by May 16, 2025. That is a brief test. A longer downturn could force someone drawing income to sell shares at lower prices. Income is small: the yield was 0.27% as of October 27, 2026, paid once a year. Costs on $10,000 come to about $56 in the first year and $689 over 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small satellite slice of exchanges, payment networks and chip-equipment makers such as Cboe, Visa, Lam Research and KLA.
- People comfortable with active stock picking, 51% annual turnover and a portfolio where the 10 largest positions made up about 49% as of May 31, 2026.
- Long-term holders who don't need income from this fund, since its 0.27% yield is paid only once a year.
Look elsewhere if
- Income seekers: the trailing yield was 0.27% as of October 27, 2026, with a single annual payout.
- Cost-focused investors: 0.55% is above the 0.50% peer average and the costs of QLTY (0.50%) and LEAD (0.43%).
- Anyone wary of a small fund ($49 million as of May 31, 2026) whose top holding, Kalshi SPV Exposure at 8.15%, isn't a listed stock.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
What does the TOLL ETF invest in?
TOLL invests in companies that dominate highly concentrated markets. To qualify, a company must earn more than half its revenue in a market with an HHI score above 2,500. The HHI is a standard measure of how concentrated a market is. As of May 31, 2026, the largest positions were Kalshi SPV Exposure (8.15%), Lam Research (6.19%), General Electric (4.86%), Fortinet (4.65%) and Visa (4.63%). About 92% was in U.S. companies.
Did TOLL change its name?
Yes. The prospectus filed June 29, 2026 calls the fund Tema Durable Quality ETF, formerly the Tema Monopolies and Oligopolies ETF. Its stated goal is long-term growth. Its strategy still targets companies in highly concentrated markets, using the HHI score above 2,500 as the test. Tema ETF LLC remains the adviser. It picks holdings by comparing each company's valuation with its growth, margins and returns on capital.
Does TOLL pay dividends?
Yes, but very little, and only once a year. The trailing 12-month payout was $0.11 per share, a yield of 0.27% as of October 27, 2026. That is low because the fund aims for long-term growth, not income. Many of its holdings, such as chip-equipment makers and payment networks, pay small dividends compared with their share prices. Investors who need regular cash flow would get little from this fund.
How has TOLL ETF performed since launch?
TOLL has gained about 12% in each full calendar year: 12.01% in 2024 and 12.64% in 2025, according to its prospectus. From its May 11, 2023 launch through December 31, 2025, it returned 15.02% a year on average. Based on prices through October 27, 2026, it returned 14.5% over one year and 20.2% a year over three years. Its deepest drop was 15.5%, in early 2025. It has not yet been through a long bear market.
What's the difference between TOLL and QLTY?
GMO US Quality ETF (QLTY) shares about 22% of its holdings with TOLL, based on the latest N-PORT reports. QLTY costs less, at 0.50% a year against TOLL's 0.55%. It is also far larger: $5.18 billion as of August 31, 2026, against TOLL's $49 million as of May 31, 2026. Over the year through October 27, 2026, QLTY returned 15.9% and TOLL returned 14.5%. TOLL stands out for its market-concentration screen and its Kalshi position.