Tema Durable Quality ETF (TOLL) Adds Kalshi, Becoming First ETF to Offer Exposure

Leading CFTC-regulated event contract exchange expands TOLL's portfolio of companies with durable, tangible, and dominant moats.

NEW YORK--(BUSINESS WIRE)--Tema ETFs (“Tema”), a leader in institutional-quality and 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," said Yuri Khodjamirian, CFA, Chief Investment Officer of Tema ETFs. "Kalshi has done something groundbreaking: It has built the first federally regulated venue for an entirely new, fast-growing contract category."

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.

About Tema ETFs

Tema builds institutional-quality ETF solutions for a range of market environments, spanning high-conviction growth opportunities, durable core exposures, and alternatives. Founded in 2022, Tema is led by veterans of the ETF and global asset management industry, and backed by Index Ventures, Accel Partners, Zinal Growth, and over a dozen financial services CEOs and fintech founders.

Sources & Definitions

¹ Kalshi, “Kalshi Wins CFTC Approval for Exchange to Trade Event Contracts,” Nov 5, 2020
² CNBC, “CNBC and Kalshi Strike Exclusive Partnership,” Dec 4, 2025.
³ Bloomberg, “Kalshi Gets $1 Billion in New $22 Billion Funding Round,” Mar 19, 2026.
⁴ Kalshi, “Kalshi Raises $1 Billion at a $22 Billion Valuation as Institutional Adoption Accelerates,” May 7, 2026.
⁵ A Special Purpose Vehicle (SPV) is a distinct, legally independent entity created by a parent company to isolate financial risk, securitize assets, or manage specific projects. By having its own assets and liabilities, an SPV protects the parent firm from bankruptcy if the project fails. They are widely used in financing, real estate, and for structuring investment partnerships.

Institutional grade qualification is premised on the >90% estimated institutional adoption of Tema's funds to date as of May 27, 2026 and the institutional background and track record of Tema's investment team.

Disclosure

Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus or summary prospectus, which may be obtained by visiting https://temaetfs.com/toll. Read the prospectus carefully before investing.

Diversification does not ensure profits or prevent losses.

On 06/27/2025 the Tema Monopolies and Oligopolies ETF was renamed Tema Durable Quality ETF. Investing involves risk including possible loss of principal. There is no guarantee the adviser’s investment strategy will be successful.

SPVs and private company ownership have increased liquidity and valuation risk. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer’s financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund’s assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. Please see https://temaetfs.com/toll for more information.

Sector Focus Risk: The Fund may invest a significant portion of its assets in one or more sectors, including Engineering and construction, Financial Sector, FinTech, Industrials and Infrastructure, and thus will be more susceptible to the risks affecting those sectors than funds that have more diversified holdings across several sectors.

The success of the Fund’s investment strategy depends in part on the ability of the companies in which it invests to maintain proprietary technology used in their products and services. Companies in which the Fund invests will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise.

Similarly, if a company is found to infringe upon or misappropriate a third-party’s patent or other proprietary rights, that company could be required to pay damages to such third-party, alter its own products or processes, obtain a license from the third-party and/or cease activities utilizing such proprietary rights, including making or selling products utilizing such proprietary rights. These disputes and litigations may be detrimental to performance.

Investing in Foreign and emerging markets involves risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. In addition, the fund is exposed to currency risk.

Because the Fund evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these ESG factors.

The National Aeronautics and Space Administration or “NASA” has no affiliation with the NASA Fund, its investment adviser, or its distributor. The National Aeronautics and Space Administration has not sponsored, co-sponsored, or endorsed the Fund or its investment management, nor has it had any role in the development or promotion of the Fund.

Tema ETFs LLC serves as the investment adviser to Tema Durable Quality ETF (the “Fund”), and Tidal Investments LLC serves as a sub-adviser to the Fund. The Fund is distributed by Vigilant Distributors, LLC, which is not affiliated with Tema ETFs LLC nor Tidal Investments LLC. Check the background of Vigilant Distributors, LLC on FINRA’s BrokerCheck.