TOLL
Tema Monopolies and Oligopolies ETF
TOLL is an actively managed fund that invests in companies perceived as monopolies or oligopolies. The fund aims to identify quality companies from around the world characterized by their strong competitive advantage and high barriers to entry.
Global
EQUITY
Active
MANAGEMENT STYLE
8.7 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Tema Global Ltd. |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | May 11, 2023 |
| Assets (mns) | $9 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Monthly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| MOODY'S CORP | 5.9 % |
| GENERAL ELECTRIC COMPANY | 5.8 % |
| INTERCONTINENTALEXCHANGE INC | 5.6 % |
| VISA INC. CLASS A | 4.7 % |
| S&P GLOBAL, INC. | 4.6 % |
| FAIR ISAAC CORP | 4.2 % |
| SHERWIN-WILLIAMS CO/THE | 4.0 % |
| TERADYNE INC | 3.5 % |
| TYLER TECHNOLOGIES INC | 3.4 % |
| EQUIFAX INC | 3.4 % |
Constituent Breakdown
| Number of holdings | 34 |
| Herfindahl-Hirschman Index | 353 |
| Wgt avg mkt cap (mns) | $129,706 |
| Large cap (>$10bn) | 98.0% |
| Mid cap ($2-10bn) | 2.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 79.7 % |
 |
CANADA | 5.3 % |
 |
SPAIN | 4.8 % |
 |
NETHERLANDS | 3.8 % |
 |
IRELAND | 2.5 % |
 |
DENMARK | 2.0 % |
Historical Performance
Standardized Performance (as of 08/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 8.7% | 19.0% | -- | -- | -- | -- | 24.5% | Volatility | 12.9% | 12.9% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.31 | 104% |
| MSCI EAFE | 1.22 | 93% |
| MSCI Emg Mkts | 0.94 | 55% |
Liquidity Measures
| Avg. volume (000) | 2 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.38% |
| ADV of underlying (mns) | $11,096 |
Technical Indicators
| Recent close | $33.37 |
| 30d moving avg. | $32.96 |
| Annualized volatility | 18.8% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. TOLL |
Expenses vs. TOLL |
ALTAR Score™ vs. TOLL |
|---|---|---|---|---|
| BFIIX | Baron FinTech | 25.4% | 0 bp | +0.9% |
| BDAIX | Baron Durable Advantage | 21.3% | 0 bp | +1.2% |
| CWS | AdvisorShares Focused Equity ETF | 20.8% | +9 bp | +1.9% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 20.3% | -35 bp | +2.5% |
| MOTE | VanEck Morningstar ESG Moat ETF | 19.0% | -26 bp | +2.5% |
| QLTY | GMO U.S. Quality ETF | 16.7% | -25 bp | +1.6% |
| LEAD | Siren DIVCON Leaders Dividend ETF | 14.2% | -32 bp | +2.3% |
| SPHQ | Invesco S&P 500 Quality ETF | 13.8% | -60 bp | +2.8% |
| CHGX | AXS Change Finance ESG ETF | 13.4% | -26 bp | +2.6% |
| XLF | Financial Select Sector SPDR Fund | 13.3% | -66 bp | +3.1% |
Risk and Returns: TOLL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/13/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
TOLL
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
TOLL
2.7%
Cat. Avg
4.1%
ALTAR Score™ Calculation
Category Overview
There are 360 funds in the Global Equity category, with an average ALTAR Score™
of 4.1% and a standard deviation of
4.8%. TOLL's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places TOLL in the 39th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
TOLLSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| TOLL (75 bp) Percentile rank | 52 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TOLL | 75.0 | 38.3 | 113.3 |
| Peer Avg. | 75.7 | 38.3 | 114.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .