What is the DICE ETF and who manages it?

DICE (ticker: DICE, exchange: Cboe) is the Tema Trading & Prediction Markets ETF, launched September 9, 2026. It is actively managed by Tema ETFs LLC with Tidal Investments LLC as sub-adviser. DICE is the first and only ETF specifically targeting the prediction markets sector.

Does DICE hold event contracts like those traded on Kalshi?

No. DICE holds equity in publicly traded companies and private-company stakes via special purpose vehicles (SPVs). The fund does not hold event contracts directly. This structure reflects the SEC's ongoing review of event-contract ETF wrappers as a novel product category.

How does DICE give investors exposure to Kalshi and Polymarket?

Through a special purpose vehicle structure — an established legal mechanism for investing in private companies. Kalshi and Polymarket are both privately held, so DICE uses SPVs to hold equity positions in each platform, making up approximately 15% of the fund's total assets combined.

What is the expense ratio, and how does it compare to index ETFs?

DICE charges a gross expense ratio of 0.75% per year. That is higher than broad-market index ETFs (which often charge 0.03–0.10%) but in line with other specialized thematic ETFs. The higher fee reflects active management in a niche sector with no passive index to track.

Can I buy DICE in a standard brokerage account?

Yes. DICE trades on the Cboe exchange like any exchange-traded fund. You can buy shares through any brokerage that provides Cboe access — no separate prediction market platform account is required.

How is investing in DICE different from trading event contracts directly on Kalshi?

Direct trading on Kalshi means you take positions on specific event outcomes (will X happen?) and profit if you predict correctly. DICE exposure is to the business value of Kalshi and Polymarket as companies — if the sector grows, the SPV stakes should appreciate, but you are not betting on individual market outcomes. Your returns track the business, not the prediction accuracy.

What risks are specific to DICE that don't apply to most ETFs?

SPV and private-company liquidity risk: valuing and trading private-company stakes can be difficult in adverse conditions. Sector concentration risk: DICE is heavily exposed to a single industry. Regulatory risk: legal or regulatory changes affecting Kalshi, Polymarket, or the prediction markets sector generally could impact fund holdings. See the fund prospectus at temaetfs.com/DICE for full disclosures.

Just launched: DICE began trading on Cboe on September 9, 2026.

New · Sept 9, 2026Intermediate · 5 min

Tema DICE ETF: The First Prediction Markets ETF, Explained

On September 9, 2026, Tema ETFs listed DICE on Cboe — the first exchange-traded fund designed specifically for the prediction markets sector. It holds Kalshi and Polymarket equity through special purpose vehicles, not event contracts. Here is what that structure means, who it is for, and how it compares to trading directly.

Fund Facts at a Glance

Ticker: DICE
Exchange: Cboe
CUSIP: 87975E727
Gross Expense Ratio: 0.75%
Listing Date: September 9, 2026
Issuer: Tema ETFs LLC
Management Style: Active
Holdings Count: 39
Private Exposure: ~15%

Source: Tema ETFs press release via GlobeNewswire, Sept 9 2026 · temaetfs.com/DICE

What DICE Is (and Is Not)

DICE invests in a portfolio of publicly traded companies and two private-company stakes — not in event contracts themselves. Kalshi and Polymarket, the fund's top two positions, are both privately held, so Tema structured its exposure through special purpose vehicles (SPVs). The publicly traded portion includes companies that operate adjacent to prediction markets: trading platforms, data providers, exchange operators, and financial infrastructure firms.

What DICE holds

Kalshi equity via SPV (~7.34% of fund)
Polymarket equity via SPV (~7.33% of fund)
Publicly traded trading platform stocks
Exchange operators & financial infrastructure

What DICE does not hold

Event contracts (yes/no prediction market positions)
Direct wagers on election or sports outcomes
Crypto tokens or perpetual futures

Why no event contracts? The SEC considers event-contract ETF wrappers a novel structure and has not yet approved funds that hold prediction market contracts directly. Tema structured DICE around equity holdings to bring the product to market now without waiting for that regulatory decision.

How the SPV Structure Works

A special purpose vehicle is a legally separate entity created specifically to hold an investment — in this case, equity in a private company. The ETF owns the SPV; the SPV owns the equity. This is an established structure in the ETF industry for gaining exposure to companies that are not publicly traded, using what regulators allow as the fund's "illiquidity bucket."

SPV structure flow (simplified)

You buy DICE shares on Cboe

DICE fund owns Kalshi SPV & Polymarket SPV

Each SPV holds equity in the private company

Your DICE share price reflects the underlying value

Important limitation: SPV and private-company positions have higher liquidity and valuation risk than publicly traded stocks. In adverse conditions, SPV stakes may be difficult to value accurately or sell quickly. Review the fund prospectus before investing.

Top 10 Holdings

As of 2026-09-09 · Source: Tema ETFs GlobeNewswire press release. Holdings change; confirm current allocations at temaetfs.com/DICE.

#	Security	Weight	Type
1	Kalshi SPVSPV	7.34%	Private / SPV
2	Polymarket SPVSPV	7.33%	Private / SPV
3	Galaxy Digital Inc	4.89%	Public equity
4	Robinhood Markets Inc	4.73%	Public equity
5	Interactive Brokers Group Inc	4.70%	Public equity
6	Coinbase Global Inc	4.69%	Public equity
7	Intercontinental Exchange Inc	4.63%	Public equity
8	Circle Internet Group Inc	4.55%	Public equity
9	IG Group Holdings PLC	3.37%	Public equity
10	Securitize Corp	2.92%	Public equity

DICE holds 39 total positions. The table above shows the top 10 as disclosed in the fund's launch press release. For all current holdings, visit the fund's official page.

What DICE Means for Prediction Market Traders

New capital channel for the sector

Investors who cannot or will not open prediction market platform accounts can now gain indirect sector exposure through a standard brokerage. This broadens the investor base beyond retail event-contract traders.

Institutional credibility signal

A listed ETF targeting Kalshi and Polymarket signals that institutional investors view prediction markets as a durable sector, not a regulatory accident. That visibility may support platforms' legal and regulatory positions.

Performance tracks the business, not predictions

DICE returns reflect how well Kalshi and Polymarket perform as companies — growth, revenue, valuation. You are not betting on election or sports outcomes; you are betting on the sector's growth.

No substitute for direct trading

If you want to trade specific outcomes (will the Fed cut rates? who wins the midterms?), DICE provides no mechanism for that. For direct participation, use a CFTC-licensed platform account.

DICE vs. Direct Prediction Market Trading

Dimension	DICE ETF	Direct platform (e.g., Kalshi)
What you hold	Equity in PM companies	Event contracts (yes/no positions)
Account required	Standard brokerage	CFTC-licensed platform account
Profit source	Company valuation growth	Correct outcome prediction
Cost	0.75%/yr expense ratio	Fees per trade (platform-specific)
Liquidity	Exchange-traded intraday	Varies by market depth
State restrictions	Generally none (standard ETF)	Varies; some states restricted
Leverage/hedging	Not built-in	Can size positions precisely

Direct platform costs and state availability depend on the specific platform. Confirm at the platform's official site before trading. See All-In Trade Cost Calculator for a platform-by-platform cost breakdown.

The Growth Thesis Behind DICE

Steve Munroe, President of Tema ETFs, cited a prediction market volume forecast of ~20x to $1 trillion by 2030 at the fund's launch. That figure comes from Bernstein Research (April 2026). The fund's thesis is that prediction markets are "still in the early innings" and that new use cases — price discovery, forecasting, risk management, real-time intelligence — are still taking shape.

Volume forecasts are not guaranteed and represent one analyst's projection. The prediction markets industry is subject to regulatory, legal, and competitive risks that could materially affect outcomes. This is not investment advice.

Frequently Asked Questions

Primary Sources

PredictionMarkets.us is an independent research and comparison site. We do not hold positions in DICE or any prediction market platform securities. This page is for informational purposes only and does not constitute investment advice. Review the fund prospectus at temaetfs.com/DICE before investing.

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