The Themes Durable Quality ETF is an actively managed ETF that, rather than mechanically replicating an index, looks for sustainable competitive advantages and barriers to entry built on tangible assets. It selects companies based on their market position within their industries and the strength of their recurring revenue base.

It suits long-term investors who want to weigh a company's competitive advantages and the manager's selection criteria, rather than simply gaining broad index exposure.

This is an ETF run with an active management approach by Themes.

The Themes Durable Quality ETF takes a comprehensive view of market position, barriers to entry such as switching costs and regulation, and business characteristics rooted in tangible assets. The portfolio is built on the manager's company analysis rather than on index inclusion rules.

• Company selection centered on sustainable competitive advantages and barriers to entry
• An active portfolio that also considers tangible assets and network business characteristics

Assets under management (AUM) stand at $56.4M, and the total expense ratio is 0.55% per year.

The TOLL ETF is a micro-cap product, so it is necessary to check trading volume and bid-ask spreads before placing an order. Fees and liquidity should be compared against similar ETFs.

Return trends can be affected by the earnings visibility of holdings, industry-specific demand, and changes in interest rates and risk appetite. Depending on the weighting of certain sectors, the fund may move in a different direction from the overall market, and it is difficult to judge the durability of the strategy from short-term performance alone.

Fund flows can vary with preferences for quality stocks, demand for active strategies, and the outlook for the industries held. Given the nature of a micro-cap product, investors should also check trading liquidity and the possible gap between market price and net asset value, and trading conditions may change with market circumstances.

Active selection centered on competitive advantages is a strength, but the liquidity of a micro-cap product and its reliance on the manager's judgment deserve attention.

Among the ETFs shown in the table, the QINT ETF offers an internationally diversified approach to quality stocks, the OEFA ETF offers an approach to developed-market dividend quality stocks, and the WBIL ETF presents a separate management approach that uses the quality factor. These differ from the TOLL ETF in fee levels, assets under management, distribution characteristics, and regional and holdings composition, so comparing similar ETFs requires looking at investment region, quality screening criteria, and trading conditions rather than simple returns alone. Within the candidate range provided by the user, information on additional alternative ETFs is limited.

Before adding the TOLL ETF to a portfolio, it is worth checking whether the competitive-advantage selection strategy fits your investment goals, and how the product's micro-cap size affects your orders and holding plan.

Because this product relies on the manager's company selection rather than tracking an index, its performance can differ from that of broad index ETFs even in the same market environment. Investors should also consider trading liquidity tied to its micro-cap nature, exposure to specific industries, and the possibility of exchange rate fluctuations when measured in Korean won.

The Themes Durable Quality ETF can be a candidate for investors who want an active strategy that picks companies based on competitive advantages and barriers to entry. However, it is advisable to confirm the regular distribution structure, its micro-cap characteristics, and the differences in fees and holdings versus similar ETFs, and then decide in line with your own investment horizon and risk tolerance.