Tema lists DICE ETF with private Kalshi and Polymarket exposure

Tema’s Trading & Prediction Markets ETF listed on Cboe BZX on September 9, adding an exchange-traded route to private Kalshi and Polymarket exposure alongside listed trading and financial infrastructure companies. The launch brings another part of the cryptocurrency-adjacent economy into a conventional fund structure, while leaving investors exposed to the practical limits of valuing and selling private assets.

Cboe’s listing record confirms the date and ticker, DICE. Tema’s launch announcement, distributed at 9:31 a.m. Eastern on September 9, identifies special purpose vehicles as the route to the two private prediction-market businesses. This September 10 close-edition report covers that launch; it does not establish a September 10 closing price or trading-volume result.

What the fund actually owns

DICE provides exposure to businesses operating markets and their supporting infrastructure. Its prospectus says it does not invest directly in cryptocurrencies or event contracts. Buying its shares therefore creates a different economic exposure from purchasing a contract tied to an election, sporting result or economic release.

Tema’s launch announcement also names Robinhood, Coinbase and Circle Internet Group among the portfolio’s holdings. Those businesses bring activities beyond prediction markets into the fund, making its performance dependent on a broader collection of trading, digital-asset and financial-services operations.

The distinction matters when assessing the launch. Greater activity on a prediction platform does not automatically translate into a corresponding increase in the value of its corporate equity. Business costs, competition and the valuation paid for exposure also matter. Nor does an ETF listing make the underlying private companies publicly traded.

Two different holdings snapshots

Tema’s product page, checked September 10 and labeled as of September 9, shows Kalshi SPV exposure and Polymarket SPV exposure at 7.48% of DICE’s net asset value each. Coinburn calculates their combined reported weight at 14.96% by adding those two figures.

The launch release carries different September 9 weights: 7.34% for Kalshi and 7.33% for Polymarket. These are issuer-reported portfolio snapshots, not returns or independently observed transaction prices. The reviewed materials do not reconcile the difference, so neither set should be treated as a September 10 allocation or evidence of purchases between observations.

The product page warns that private-company and SPV investments can be difficult to value or trade. It also notes that less information may be available than for publicly traded securities, and that selling private placements can require negotiation and involve resale restrictions.

The prospectus sets the boundaries

The prospectus is dated September 8, separately from the following day’s listing. It describes an actively managed strategy and permits up to 15% of net assets in privately placed, restricted or illiquid securities, including private companies. It lists annual fund operating expenses of 0.75%; that annual charge excludes some costs, including brokerage commissions.

There is also a disclosure tension requiring clarification. The prospectus describes prediction-market exposure as obtained solely through publicly listed companies, while separately allowing private investments. Tema’s launch materials and Cboe’s description explicitly identify SPV exposure to Kalshi and Polymarket. The records support reporting the announced exposure, but do not fully explain how those descriptions fit together.

For the fund’s next sessions, the substantive questions are how its holdings disclosures develop and how the private exposures are valued. The confirmed development is a new listed access route; its launch alone establishes neither sustained investor demand nor deep secondary-market liquidity.