Tema's DICE ETF launches as first prediction-markets fund with pre-IPO Kalshi, Polymarket stakes
The Tema Trading & Prediction Markets ETF (DICE) launched September 9 on Cboe, becoming the first exchange-traded fund targeting the prediction-markets sector. The fund holds public companies including Robinhood and Coinbase, plus pre-IPO stakes in private platforms Kalshi and Polymarket. Tema's Paisley Nardini promoted the product on an ETF.com podcast, framing it as ownership of prediction-market infrastructure rather than trading of individual event outcomes. The offering lets retail investors access private prediction-market platforms before they list.
DICE turns a structural barrier into a product feature. Retail investors who cannot directly hold Kalshi or Polymarket equity get packaged access through a single ticker, with Robinhood and Coinbase adding public-market liquidity. The fund's pitch rests on owning infrastructure rather than betting outcomes, a framing that sidesteps the retail-loss optics haunting platforms like Polymarket.
Tema, timing matters: prediction markets are breaking into mainstream finance just as regulators and state attorneys general intensify scrutiny. If the CFTC's swap-rule push fails and state gambling designations spread, DICE's private-company valuations could compress faster than its public holdings. The fund's success will test whether Wall Street prices prediction-market infrastructure as a diversified bet or a concentrated regulatory gamble.