MOAT vs TOLL
MOAT packages wide-moat ratings and valuation discipline in an index. TOLL gives an active manager discretion to build a more concentrated durable-quality portfolio. See the methodology.
THE SHORT ANSWER
Different processes, measured on the same fields.
MOAT versus TOLL is principally an index-versus-active decision. MOAT follows Morningstar's rules-based wide-moat and valuation process; TOLL's manager selects durable-quality companies and can hold private positions. On the dated figures below, MOAT has the lower fee, longer record, more reported holdings, and substantially greater assets. TOLL offers a more concentrated active expression. Scale and history are useful facts, but they do not guarantee future returns.
Rules-based vs discretionary
MOAT tracks the Morningstar Wide Moat Focus Index. TOLL's active team assesses competitive advantages, barriers to entry, and earnings visibility and can change the portfolio without waiting for an index rebalance.
Scale, history, and fee
MOAT began in 2012, listed about $12.46B of assets on Aug 21, 2026, and charges 0.46%. TOLL began in 2023, listed about $58.95M on the same date, and charges 0.55%.
Portfolio concentration
MOAT reported 56 holdings and TOLL reported 40 on Aug 21, 2026. TOLL's smaller count is consistent with a more concentrated active portfolio, but actual diversification depends on weights, sectors, correlations, and overlap.
Primary fund sources
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MOAT AND TOLL — MATCHED FIELDS
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| Field | MOATVanEck Morningstar Wide Moat ETF | TOLLTema Durable Quality ETF |
|---|---|---|
| Status | Current | Current |
| Issuer | VanEck | Tema |
| Inception | Apr 24, 2012 | May 10, 2023 |
| Expense ratio | 0.46% | 0.55% |
| Assets (dated) | $12.46B (Aug 21, 2026) | $58.95M (Aug 21, 2026) |
| Approach | Index — tracks Morningstar's Wide Moat Focus Index (valuation-disciplined moats) | Active — durable, monopoly-grade businesses (renamed from “Monopolies and Oligopolies ETF”, Jun 2025) |
| Holdings | 56 (Aug 24, 2026) | 40 reported (Aug 21, 2026; downloadable file has 39 rows incl. cash) |
| YTD 2026 (NAV) | +4.36% NAV (Jul 31, 2026) | +10.71% NAV (Jul 31, 2026) |
MOAT VanEck Morningstar Wide Moat ETF
An established index approach: Morningstar's analysts rate the moats, the index buys the widest ones at the most attractive valuations, and the fund tracks it. It has operated since 2012, well before the other current funds.
Prospectus & current figuresTOLL Tema Durable Quality ETF
Tema's active durable-quality portfolio looks for deep moats, high barriers to entry, and earnings visibility. It was renamed from the Tema Monopolies and Oligopolies ETF on Jun 27, 2025 and currently discloses indirect private Kalshi exposure through an SPV.
Prospectus & current figuresDIRECT ANSWERS
MOAT vs TOLL questions
Is MOAT active or passive compared with TOLL?
MOAT tracks an index; TOLL is actively managed. MOAT still depends on Morningstar's underlying analyst and index methodology, while TOLL gives the portfolio manager direct discretion.
Which has the lower fee, MOAT or TOLL?
MOAT lists a 0.46% expense ratio and TOLL lists 0.55% on the dated figures used here. Costs matter, but the portfolios and selection processes are also different.
Does MOAT's larger size make it safer than TOLL?
Not automatically. Greater assets and a longer record can reduce some closure and trading concerns, but they do not remove market, valuation, concentration, methodology, or performance risk.
RESEARCH DESK
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Method and updates
Fields and order are fixed and applied identically to every fund in the category. Figures are compiled from public issuer and SEC materials, stamped with as-of dates, and were reviewed Aug 26, 2026; nothing is scored, weighted, or ranked. Where a figure can't be verifiably sourced, it says “pending”—we don't fill gaps with guesses. See the research standards and methodology.