Tema Durable Quality ETF becomes first to hold Kalshi prediction-market exposure
Tema ETFs announced Wednesday that its Tema Durable Quality ETF (TOLL) has added Kalshi to its holdings, making it the first exchange-traded fund to offer exposure to a regulated prediction market platform. The actively managed fund marks a novel entry point for traditional investors to gain indirect exposure to the prediction markets sector without directly trading event contracts. Tema, which describes itself as an issuer of institutional-quality ETFs, framed Kalshi as an asset-light platform reshaping prediction markets. The holding arrives on the heels of Kalshi's expanded $1.2 billion Series F at a $22 billion valuation and its recent opening of retail ownership access.
Polymarket must now watch Kalshi occupy a third capital channel it cannot legally enter. The offshore platform's restriction from SEC-regulated ETF wrappers leaves it without a parallel product to offer U.S. retail or institutional investors who prefer fund-based exposure.
Becomes the first Kalshi holding to reach a public securities wrapper after Baillie Gifford and Layer Global's $200 million injection and a $1.2 billion Series F closed this quarter, layering traditional ETF access on top of the private-capital and retail-equity channels Kalshi has already opened.