Key Takeaways
- • Tema ETFs launched the Tema Trading & Prediction Markets ETF (ticker: DICE) on September 9, 2026, offering the first direct institutional pathway to private prediction market platforms Kalshi and Polymarket through a registered exchange-traded fund.
- • The fund allocates approximately 15% of assets to private companies via specially created special purpose vehicles, with Kalshi and Polymarket each representing 7.3% of total fund assets—democratizing access previously limited to venture capital and accredited investors.
- • DICE carries a gross expense ratio of 75 basis points (0.75%) and is actively managed, with top public holdings including Galaxy Digital (4.9%), Robinhood Markets (4.7%), Interactive Brokers (4.7%), Coinbase Global (4.7%), and Intercontinental Exchange (4.6%).
- • Kalshi was valued at $22 billion following a March 2026 funding round; Tema previously established prediction market exposure through its Durable Quality ETF (TOLL) in May 2026, where Kalshi represented 8.18% of assets at inclusion.
- • The fund structure leverages SPVs as legal wrappers around private equity positions, enabling otherwise ineligible private holdings to qualify for inclusion in a registered fund—addressing a structural barrier to retail participation in early-stage fintech infrastructure.
Summary
Tema ETFs has entered the prediction markets space with institutional distribution by launching DICE, a dedicated exchange-traded fund that provides regulated retail and institutional access to private prediction market platforms. The fund, which began trading on the Cboe exchange on September 9, 2026, represents the first ETF to offer direct exposure to both Kalshi and Polymarket—two platforms that have become central infrastructure in the rapidly expanding event-contract industry.
The 15% private allocation is the fund's distinguishing feature. Tema structured these private holdings through special purpose vehicles, a legal mechanism that wraps private equity positions to make them eligible for registered fund inclusion. This approach circumvents the standard prohibition on ETFs holding illiquid private securities, effectively opening a regulated distribution channel for positions previously accessible only through venture capital financing rounds and accredited investor programs. Kalshi and Polymarket each command 7.3% of DICE's total assets, providing meaningful exposure to two platforms competing for dominance in the prediction markets ecosystem.
The public equity sleeve reflects a diversified fintech and trading infrastructure thesis. Galaxy Digital leads holdings at 4.9% of assets, while Robinhood Markets, Interactive Brokers, and Coinbase Global cluster around 4.7% each. Intercontinental Exchange, parent of the New York Stock Exchange, rounds out the top five at 4.6%. The fund also holds Circle Internet Group, issuer of the USDC stablecoin, reflecting exposure to blockchain payment rails and stablecoin infrastructure. DICE charges a 75 basis point gross expense ratio.
This launch follows Tema's earlier move into prediction markets. In May 2026, the firm added Kalshi exposure to its Durable Quality ETF (TOLL), where the platform represented 8.18% of assets at inclusion. That positioning was made possible after Kalshi raised capital at a $22 billion valuation in March 2026, signaling substantial institutional confidence in the prediction markets thesis. DICE represents an evolution of this thesis—moving from selective allocation within a quality-focused mandate to a dedicated, actively managed fund centered on prediction market infrastructure and the platforms that operate within the ecosystem.
The 15% private allocation is the fund's distinguishing feature. Tema structured these private holdings through special purpose vehicles, a legal mechanism that wraps private equity positions to make them eligible for registered fund inclusion. This approach circumvents the standard prohibition on ETFs holding illiquid private securities, effectively opening a regulated distribution channel for positions previously accessible only through venture capital financing rounds and accredited investor programs. Kalshi and Polymarket each command 7.3% of DICE's total assets, providing meaningful exposure to two platforms competing for dominance in the prediction markets ecosystem.
The public equity sleeve reflects a diversified fintech and trading infrastructure thesis. Galaxy Digital leads holdings at 4.9% of assets, while Robinhood Markets, Interactive Brokers, and Coinbase Global cluster around 4.7% each. Intercontinental Exchange, parent of the New York Stock Exchange, rounds out the top five at 4.6%. The fund also holds Circle Internet Group, issuer of the USDC stablecoin, reflecting exposure to blockchain payment rails and stablecoin infrastructure. DICE charges a 75 basis point gross expense ratio.
This launch follows Tema's earlier move into prediction markets. In May 2026, the firm added Kalshi exposure to its Durable Quality ETF (TOLL), where the platform represented 8.18% of assets at inclusion. That positioning was made possible after Kalshi raised capital at a $22 billion valuation in March 2026, signaling substantial institutional confidence in the prediction markets thesis. DICE represents an evolution of this thesis—moving from selective allocation within a quality-focused mandate to a dedicated, actively managed fund centered on prediction market infrastructure and the platforms that operate within the ecosystem.
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