New York, NY – May 27, 2026 – Tema ETFs (“Tema”), a leader in actively managed exchange-traded funds, today announced that the Tema Durable Quality ETF (TOLL) has acquired exposure to Kalshi, the first U.S. federally regulated exchange for event contracts.1 TOLL shareholders gain access to Kalshi as the platform expands its market leadership and deepens institutional adoption, ahead of this summer's FIFA World Cup and this fall's U.S. midterm elections.
As of the date of this release, Kalshi represented 8.18% of TOLL's net assets. Holdings are subject to change.
TOLL invests in companies with deep moats and high barriers to entry—many of which hold monopoly positions within their industries. The fund's existing exchange investments include franchises such as Cboe Global Markets. Tema views exchanges as durable businesses, underpinned by strong regulatory standing and powerful network effects that compound. Through that lens, Tema believes Kalshi advances the thesis into a new and rapidly scaling category.
Founded in 2018, Kalshi is the world's largest prediction market.2 The platform operates as a Designated Contract Market regulated by the Commodity Futures Trading Commission (CFTC), allowing U.S. users to trade binary "Yes/No" contracts on the outcomes of real-world events across economics, politics, sports, and finance. In March, Kalshi announced a funding round of more than $1 billion, valuing the company at $22 billion.3 Over the past six months, annualized trading volume on the platform has more than tripled, growing from $52 billion to $178 billion.4 Kalshi currently commands more than 90% of U.S. prediction market activity.4
"Exchanges have always been one of the clearest expressions of TOLL's investment philosophy—they sit at the center of mission-critical activity, compound on network effects, and their moats widen with scale.
Kalshi has done something groundbreaking: It has built the first federally regulated venue for an entirely new, fast-growing contract category."
– Yuri Khodjamirian, CFA, Chief Investment Officer of Tema ETFs.
Kalshi exposure is delivered through a special purpose vehicle5 (SPV), an established means of investing in private companies. The addition follows the success of Tema's Space Innovators ETF (NASA), which in March became the first pure-play space ETF to hold SpaceX through an SPV, raising $1.25 billion in its first 37 trading days.
Tema builds ETFs for a range of market environments, offering structural growth and durable core solutions. Founded in 2022, Tema is backed by Index Ventures, Accel Partners, and over a dozen financial services CEOs.
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