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Bonus TL;DR
- Tema launched DICE, a new ETF giving investors exposure to prediction market companies like Kalshi and Polymarket.
- DICE invests in prediction market infrastructure and platforms rather than directly holding the actual event contracts.
Tema ETFs launched the Tema Trading & Prediction Markets ETF (DICE) on Sept. 9, giving investors a new way to gain exposure to the prediction markets sector through related companies, including private-market stakes in Kalshi and Polymarket.
The launch matters because DICE offers public-market exposure to a fast-growing corner of the betting and trading economy without directly holding event contracts. That distinction is important as U.S. regulators continue to scrutinize prediction markets and the legal status of related products.
According to the source report, DICE does not invest in prediction market contracts themselves. Instead, it holds companies building the surrounding infrastructure across prediction markets, trading platforms, crypto and financial services.
ETF analyst Eric Balchunas said Kalshi and Polymarket together make up 15% of the portfolio. He described the product as a “prediction markets ETF” but noted it is a “theme ETF not actual event contracts,” adding that the SEC is “still pondering those.”
How DICE is built
Tema is using a special purpose vehicle, or SPV, to gain exposure to the private companies in the fund, including Kalshi and Polymarket. The ETF also owns publicly traded names tied to the same ecosystem, including Robinhood Markets Inc. and Coinbase Global Inc.
The fund carries a 0.75% gross expense ratio, according to the report.
That structure gives investors a way to bet on the business growth of prediction markets rather than on the outcome of elections, sports or other real-world events themselves. For Bonus.com readers, that makes DICE more of an industry and market-structure story than a direct election-betting product launch.
Why the timing stands out
The ETF launched as the 2026 NFL season kicked off and as the U.S. midterm election cycle was gaining momentum, two periods when interest in sports and election-related forecasting tends to draw more attention to prediction platforms.
Tema President Steve Munroe said prediction market trading volume is forecast to rise nearly 20-fold to $1 trillion by 2030. That forecast helps explain why firms are trying to build investable products around the sector even as regulation remains unsettled.
What comes next is less clear. The report notes that regulators are still scrutinizing prediction markets, and the open question for investors will be whether demand for these platforms keeps growing faster than the legal and compliance risks around them.
For now, DICE gives public-market investors a new way to access that theme indirectly, with exposure to some of the best-known operators in the space rather than to the contracts users trade on those platforms.
Source: As reported by tradingview.com.
