Tema's DICE ETF, the first to hold both Kalshi and Polymarket, opens regulated retail access to prediction markets as trading volume is projected to reach $1 trillion by 2030.
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Tema's DICE ETF opens retail access to Kalshi, Polymarket at 15%
A new exchange-traded fund gives everyday investors a regulated stake in the prediction-market boom, with Tema ETFs routing about 15 percent of DICE's assets into Kalshi and Polymarket through private-company vehicles.
"Prediction-market trading volume is forecast to grow nearly 20-fold to $1 trillion by 2030, and we believe the sector is still in its early innings," Steve Munroe, president of Tema ETFs, said in a statement.
The fund, trading on the Cboe under the ticker DICE, listed Sept. 9 with a gross expense ratio of 0.75 percent. Kalshi and Polymarket each account for roughly 7.3 percent of assets, held through special purpose vehicles that let registered funds own stakes in companies that have not gone public. Galaxy Digital leads the listed holdings at 4.89 percent, with Robinhood Markets, Interactive Brokers and Coinbase Global each near 4.7 percent, Intercontinental Exchange at 4.63 percent and Circle Internet Group at 4.55 percent.
The structure hands retail investors a route into a sector previously reserved for venture capital and accredited deals, and gives Kalshi and Polymarket direct public-market backing as Bernstein Research projects trading volume expanding about 20 times to $1 trillion by 2030.
A 15% Private Stake, Wrapped in SPVs
The private holdings are the fund's defining feature. Each SPV functions as a legal wrapper around a private equity position, making it eligible for inclusion in a registered fund while carrying added liquidity and valuation risk, Tema said in its prospectus. Kalshi was valued at $22 billion after a funding round in March, and the platform won approval for event contracts on everything from elections to economic data releases after a prolonged legal battle with the Commodity Futures Trading Commission. Polymarket, built on crypto rails, drew hundreds of millions of dollars in wagers during the 2024 U.S. presidential election.
The launch is not Tema's first move into the sector. The firm added Kalshi exposure to its Durable Quality ETF, ticker TOLL, in May, where the platform represented about 8.18 percent of assets at the time of inclusion.
Why the Timing Matters
DICE's debut coincides with the kickoff of the 2026 NFL regular season and the ramp-up to the U.S. midterm elections, events Tema expects to drive visibility and engagement with prediction platforms. The fund also holds a broader ecosystem of trading and data infrastructure, including perpetual-futures venues and tokenization firm Securitize at 2.92 percent, positioning it as a bet on the infrastructure behind event-driven markets rather than on any single outcome.
For Kalshi and Polymarket, the vehicle provides a new class of shareholder and a public valuation benchmark that could inform future fundraising rounds. For asset managers, it opens a template for packaging private fintech exposure into liquid, regulated products — a structure other issuers may copy as prediction markets move toward the mainstream. Tema, founded in 2022 and backed by Index Ventures and Accel Partners, is betting that the democratization of event-contract trading draws sustained inflows into a fund whose top two positions are companies most investors could not previously buy.
This article is for informational purposes only and does not constitute investment advice.
