MPLY vs TOLL
Both funds are active and seek durable competitive advantages, but MPLY frames the mandate around monopolistic attributes while TOLL frames it around durable quality and earnings visibility. See the methodology.
THE SHORT ANSWER
Different processes, measured on the same fields.
MPLY and TOLL share an active format, not an identical portfolio recipe. MPLY's prospectus describes companies with stated monopolistic attributes and says it typically holds 75–125 companies. TOLL looks for durable-quality businesses with deep moats, high barriers to entry, and earnings visibility. On the dated figures below, TOLL has the lower fee, longer operating record, and fewer reported holdings. TOLL currently discloses private Kalshi exposure through an SPV; MPLY's SpaceX position is now public. The decision is therefore about process, concentration, cost, and risk—not the label alone.
Two active definitions
MPLY uses issuer-defined “Monopolistic Attributes.” TOLL seeks durable, monopoly-grade quality and was renamed from the Tema Monopolies and Oligopolies ETF in June 2025. The managers can reach different conclusions even when their themes sound similar.
Breadth and cost
MPLY reported 101 holdings rows including cash and lists a 0.79% expense ratio. TOLL reported 40 holdings and lists 0.55%. Fewer names can mean a more concentrated expression, but counts must be read alongside weights and overlap.
Private holdings need extra diligence
MPLY's dated file includes public SpaceX common stock. TOLL's materials disclose indirect private Kalshi exposure through an SPV. That distinction changes the valuation, liquidity, legal-rights, and look-through questions investors should ask.
Primary fund sources
Verify changing figures and complete risk language with the issuers:
COMPARE THIS PAIR
MPLY AND TOLL — MATCHED FIELDS
Swipe to see every fund, or focus this table and use the left and right arrow keys.
| Field | MPLYStrategy Shares Monopoly ETF | TOLLTema Durable Quality ETF |
|---|---|---|
| Status | Current | Current |
| Issuer | Strategy Shares | Tema |
| Inception | May 15, 2025 | May 10, 2023 |
| Expense ratio | 0.79% | 0.55% |
| Assets (dated) | $17.36M (Aug 21, 2026) | $58.95M (Aug 21, 2026) |
| Approach | Active — adviser selects companies with one or more stated “Monopolistic Attributes”; prospectus says typically 75–125 companies | Active — durable, monopoly-grade businesses (renamed from “Monopolies and Oligopolies ETF”, Jun 2025) |
| Holdings | 101 rows incl. cash (Aug 25, 2026) | 40 reported (Aug 21, 2026; downloadable file has 39 rows incl. cash) |
| YTD 2026 (NAV) | +3.14% NAV (Jul 31, 2026) | +10.71% NAV (Jul 31, 2026) |
MPLY Strategy Shares Monopoly ETF
A newer active approach: the portfolio is built around issuer-defined “Monopolistic Attributes.” The issuer's Aug 25 holdings file reports public SpaceX Class A common stock (SPCX) at about 4.34% of net assets. Its higher fee is a cost to weigh alongside the selection process.
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
MPLY vs TOLL questions
Which is cheaper, MPLY or TOLL?
TOLL lists a 0.55% expense ratio versus 0.79% for MPLY on the dated issuer figures used here. The fee difference is certain; any future performance difference is not.
How do MPLY and TOLL define their opportunity sets?
MPLY emphasizes companies with issuer-defined monopolistic attributes. TOLL emphasizes durable-quality businesses with structural competitive advantages, barriers to entry, and earnings visibility.
Do MPLY and TOLL both currently hold private companies?
No current private instrument is disclosed in MPLY's August 25 holdings; its SpaceX position is public SPCX common stock. TOLL discloses indirect private Kalshi exposure through an SPV. Holdings change, so verify each issuer's current file before relying on either position.
RESEARCH DESK
Research tools for the next question.
Five free tools for market concentration, overlap, private look-through, return basis, and thesis monitoring.
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.