Tema ETFs just gave Wall Street a front door into the prediction markets boom. The firm’s new Tema Trading & Prediction Markets ETF, trading under the ticker DICE on the Cboe exchange, is the first ETF to offer direct exposure to both Kalshi and Polymarket, two platforms that have become the backbone of a rapidly expanding event-contract industry.
The fund launched on September 9, 2026, with roughly 15% of its assets allocated to private companies through specially created special purpose vehicles. Kalshi and Polymarket each account for approximately 7.3% of the fund’s total assets, giving retail investors something that was previously reserved for venture capital rounds and accredited investor deals.
What’s inside the fund
DICE carries a gross expense ratio of 75 basis points, or 0.75%.
Galaxy Digital leads the holdings at roughly 4.9% of assets. Robinhood Markets and Interactive Brokers each sit around 4.7%. Coinbase Global also clocks in near 4.7%. Intercontinental Exchange, the parent company of the New York Stock Exchange, rounds out the top five at about 4.6%.
Circle Internet Group, the issuer of the USDC stablecoin, also appears among the holdings.
The private holdings are structured through SPVs, a common workaround that lets ETFs hold stakes in companies that haven’t gone public. Each SPV functions as a legal wrapper around the private equity position, making it eligible for inclusion in a registered fund.
Tema’s prediction market thesis
This isn’t Tema’s first move into prediction markets. The firm added Kalshi exposure to its Durable Quality ETF (ticker: TOLL) back in May 2026, where the platform represented roughly 8.18% of total assets at the time of inclusion.
Kalshi was valued at $22 billion following a funding round in March 2026. The platform fought a prolonged legal battle with the CFTC to win approval for event contracts on everything from elections to economic data releases.
Polymarket, built on crypto rails, exploded in popularity during the 2024 US presidential election cycle, processing hundreds of millions of dollars in wagers on political outcomes.
Trading volume across prediction market platforms is projected to grow nearly 20 times from current levels, potentially reaching $1 trillion by 2030.