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ERShares’ Private-Public Crossover ETF (NASDAQ: XOVR) has invested $30 million in prediction market operator Kalshi, adding the privately held company to its portfolio as part of the fund’s latest rebalance.
The investment makes Kalshi one of XOVR’s largest private-company holdings and gives investors in the exchange-traded fund exposure to the federally regulated prediction market operator.
Following the investment, Kalshi accounts for 1.42% of XOVR’s portfolio, according to the asset manager.
The move makes XOVR the second exchange-traded fund to disclose a stake in Kalshi after the Tema Durable Quality ETF, which previously added the company through a special purpose vehicle.
Kalshi operates a Commodity Futures Trading Commission-regulated prediction market exchange that offers event contracts tied to outcomes in areas including the economy, public policy, weather, sports and culture.
Kalshi was selected through ERShares’ proprietary VC Lens investment process, which seeks to identify category-defining private companies before they become widely represented in public equity markets.
“SpaceX demonstrated the strategy. Kalshi is where our VC Lens is pointing next,” Joel Shulman, Founder and Chief Investment Officer of ERShares, said.
“XOVR was created to do what traditional ETFs historically could not: provide access to private equity exposure alongside public innovation leaders in one transparent, Nasdaq-listed structure. We believe Kalshi is building one of the most important new layers of financial market infrastructure,” he added.
Eva Ados, ERShares’ Chief Investment Strategist and Chief Operating Officer, said prediction markets provide investors and businesses with real-time signals on future outcomes within a regulated framework.
“Kalshi seeks to turn uncertainty into a price. That is why we believe prediction markets matter. They give investors, institutions, businesses, and individuals a real-time signal on future outcomes inside a regulated market structure,” Ados said.
XOVR, which was relaunched in August 2024 as a private-public crossover fund, manages approximately $2.1 billion in assets as of July 9, 2026. The fund previously invested in SpaceX, and the aerospace company’s initial public offering contributed significantly to its recent performance.
Kalshi has experienced rapid growth in trading activity, contract categories, and participation. The company recently completed a major financing round to support its expansion.
According to media speculation, Kalshi is considering an initial public offering, though not this year, while pursuing another financing round at a reported $40 billion valuation.