Tema’s DICE is effective at 0.75% as an equity fund of trading and event-contract companies

Tema Trading & Prediction Markets ETF DICE is an equity fund, not a portfolio of event contracts. Under normal circumstances it will invest at least 80% of net assets, including borrowings for investment purposes, in domestic and foreign common and preferred stocks of publicly listed companies the adviser determines are Trading and Prediction Markets Companies. A company qualifies if, at the time of investment, at least 50% of its annual revenue comes from products or services that provide infrastructure, software, data and services that enable individuals and institutions to trade securities, commodities and event contracts. The fund will concentrate more than 25% of total assets collectively in the Financials industry.

That 80% test is the product. Trading, as the prospectus defines it, is the infrastructure that enables buying and selling of traditional and non-traditional financial assets. Prediction markets, also known as event contracts, sit inside that definition. Exposure arrives through listed companies that meet the test, not through the contracts those venues list. The paper names no first trading day.

Tema already holds a prediction-markets line in another fund. Tema Durable Quality ETF TOLL, which holds concentrated operating companies, had a Kalshi special-purpose vehicle as its largest position at 7.5% of assets as of Tuesday, September 8.

DICE’s 0.75% fee has no waiver

The fee table is a unitary 0.75% management fee, 0.00% in 12b-1 fees and 0.00% in other expenses estimated for the current fiscal year. Total annual fund operating expenses are 0.75%. When Tema first filed the series in a Rule 485(a) amendment on Wednesday, May 13, the ticker, listing venue and fee were still blank, and the fee table reserved a contractual waiver that would have reduced the management fee through at least some date in 2027, with the percentages unfilled. That waiver line is not in the effective table.

On the paper’s $10,000 example, at a 5% annual return with expenses unchanged, the cost would be $77 over one year and $240 over three years. The 0.75% rate is what Tema already charges on thematic equity funds including Tema Electrification ETF VOLT and Tema Space Innovators ETF NASA. It is more than double the 0.37% expense ratio on iShares U.S. Broker-Dealers & Securities Exchanges ETF IAI, which holds U.S. brokers and exchanges.

DICE is registered, not listed

The prospectus, dated September 8, names Cboe BZX Exchange as the principal listing exchange for an actively managed, non-diversified fund that is generally expected to hold more than 15 companies but not more than 100. Tema ETFs LLC is the adviser. The approximate date of proposed public offering is, in the filing’s words, as soon as practicable after the effective date of this registration statement. An effective registration is not a listing, and this one still has to be offered.