Kalshi in XOVR
Publicly traded ETF exposure to a private prediction-market company
Kalshi is a privately held prediction-market company. Its shares are not currently listed on a public stock exchange, and investors cannot generally buy Kalshi stock through a standard brokerage account.
XOVR shareholders own shares of the ETF, not Kalshi shares directly. Kalshi is one holding within a broader portfolio. Holdings and allocations are subject to change. Investing involves risk, including possible loss of principal.
The Answer
Can you invest in Kalshi through an ETF?
Currently, investors cannot purchase publicly traded Kalshi stock because Kalshi remains a private company. For those researching how to gain exposure to private companies, XOVR offers an alternative form of access: indirect exposure to Kalshi within a publicly traded, tax-efficient ETF.
By applying the same principles of our proprietary Entrepreneur Factor® methodology and unique venture-style evaluation framework, XOVR combines select private-company investments, including Kalshi, with a portfolio of publicly traded companies, all within one Nasdaq-listed ETF.
Investors can purchase XOVR through brokerage platforms that support Nasdaq-listed ETFs by searching for the ticker XOVR. Buying XOVR is not the same as buying Kalshi stock directly: XOVR shareholders own shares of the entire fund, and the fund’s performance reflects all of its public and private holdings, not Kalshi alone.
The fund’s private positions, including Kalshi, are re-valued every business day through XOVR’s independent fair-value pricing process and reflected in the fund’s daily net asset value (NAV).
The Company
What is Kalshi?
Kalshi is a category-defining prediction-market exchange where participants trade event contracts tied to the outcomes of real-world events. Kalshi markets may address questions across many domains:
Contract prices change as participants buy and sell and can reflect the market’s collective assessment of the likelihood of an outcome. KalshiEX LLC is designated by the Commodity Futures Trading Commission (CFTC) as a designated contract market, and its affiliated clearing entity, Kalshi Klear LLC, is registered as a derivatives clearing organization.
The XOVR Connection
How does XOVR invest in Kalshi?
XOVR has added economic exposure to Kalshi through its private-company allocation, one measured sleeve inside a broader, publicly traded portfolio.
Private-company investments are reflected in the fund’s daily net asset value pursuant to the fund’s applicable valuation policies. XOVR trades publicly on Nasdaq under the ticker XOVR, providing investors with daily access to a portfolio that includes both public and private-company exposure with full intraday liquidity.
The Investment Thesis
Why XOVR added Kalshi
ERShares evaluates select private companies through its VC Lens, a venture-capital-style research framework focused on category leadership, scalability, management quality, market opportunity and valuation. Kalshi represents exposure to an emerging financial-market category: prediction markets.
Category creation
Kalshi is helping develop event contracts into a distinct market category in which participants trade expectations about measurable future outcomes.
Exchange model
Exchange businesses can potentially benefit from significant operating leverage as market participation, liquidity, contract variety and distribution expand.
Information markets & AI utility
Prediction markets transform dispersed views about future events into continuously changing market prices, creating predictive data sets that may be highly accurate and increasingly valuable to AI retrieval models.
Institutional adoption
Kalshi has reported rapid growth in institutional activity and announced a landmark $1 billion Series F financing at a reported $22 billion valuation in May 2026. These figures were published by Kalshi and have not been independently verified by ERShares.
Federal regulatory framework moat
Kalshi operates as a CFTC-designated contract market, while Kalshi Klear is registered as a derivatives clearing organization, establishing a steep regulatory barrier to entry.
These factors support the investment thesis but do not guarantee Kalshi’s future success or a favorable outcome for XOVR shareholders.
Kalshi Stock
Is Kalshi publicly traded?
No. Kalshi is currently a privately held company. Kalshi stock is not listed on Nasdaq, the New York Stock Exchange (NYSE) or another public stock exchange, and it does not currently have a public stock ticker investors can search for in a standard brokerage account.
Private Kalshi shares may occasionally be available through private transactions, secondary markets or special-purpose vehicles (SPV). Such investments strictly require accredited-investor status.
XOVR offers a fundamentally more accessible structure by providing indirect Kalshi exposure within a broader publicly traded ETF portfolio available to all investors.
Risks of buying private shares directly
- High minimum investments
- Opaque, negotiated pricing
- Severe transfer restrictions
- Limited or nonexistent secondary liquidity
- Limited financial information disclosure
- Long or uncertain holding periods
- Concentrated single-company risk
Investment Access
How can investors gain exposure to Kalshi?
There are two materially different ways investors may seek investment exposure to Kalshi.
Private-market Kalshi shares
Eligible investors may sometimes obtain direct or SPV-based exposure through a private transaction or secondary-market platform. Availability is limited and is not guaranteed.
- Accreditation requirements
- Substantial minimums
- Negotiated valuations
- Restricted liquidity
Indirect Kalshi exposure through XOVR
XOVR provides indirect economic exposure to Kalshi as one investment within its private-company sleeve.
- Trades publicly on Nasdaq under the ticker XOVR
- No accreditation requirement for ordinary ETF purchases
- Exposure to a broader diversified portfolio, not Kalshi alone
- Can be bought and sold intraday during regular market hours
Common Questions
Is there a Kalshi ETF, and has Kalshi had an IPO?
Is there a Kalshi ETF?
There is no publicly traded ETF representing only Kalshi stock. XOVR is a private-public crossover ETF that includes investment exposure to Kalshi as one component of a broader portfolio.
For investors looking for a “Kalshi ETF” or an “ETF with Kalshi holdings,” XOVR provides indirect exposure to Kalshi while also holding publicly traded companies and other select private-company investments. XOVR is therefore not a single-company Kalshi fund and should not be expected to track Kalshi’s value or performance alone.
Has Kalshi had an IPO?
No. Kalshi has not completed an initial public offering and is not currently traded on a public stock exchange. There is no assurance that Kalshi will pursue an IPO, when an offering might occur, what valuation it might receive or whether XOVR would hold the investment before or after a future listing. ERShares does not rely on non-public information concerning Kalshi’s possible IPO plans or timing.
Potential outcomes for a private-company investment can include continued private ownership, a future IPO, a secondary transaction, a strategic acquisition, a recapitalization, another liquidity event, or a partial or complete investment loss. A Kalshi IPO, if one occurs, would not guarantee a positive investment outcome.
Quick Answers
Kalshi and XOVR at a glance
| Has Kalshi completed an IPO? | No |
| Is Kalshi included in XOVR? | XOVR has added indirect economic exposure to Kalshi |
| Can investors buy XOVR publicly? | XOVR trades on Nasdaq |
| What is the XOVR ticker? | XOVR |
| Do XOVR investors own Kalshi directly? | No; they own shares of the ETF |
| Is XOVR only invested in Kalshi? | No; XOVR holds a broader private-public portfolio |
The VC Lens
How ERShares evaluates private companies
ERShares uses its VC Lens to evaluate potential private-company investments within XOVR. The analysis may consider:
The objective is not private-company access for its own sake. ERShares seeks to determine whether a company’s business quality, valuation and long-term potential justify inclusion within XOVR’s broader portfolio.
Buy XOVR through your brokerage account
The same way you purchase any Nasdaq-listed ETF.
Brokerage availability, trading commissions and platform fees may vary.
Frequently Asked Questions
Kalshi and XOVR: common questions
No. Kalshi is a private company, and its shares are not listed on a public stock exchange. Ordinary investors generally cannot buy Kalshi stock through a standard brokerage account.
No. XOVR shareholders own shares of the ETF, not Kalshi shares. Kalshi is one holding within XOVR’s broader portfolio of public and private companies.
No. There is no publicly traded ETF representing only Kalshi. XOVR includes indirect Kalshi exposure as one component of a diversified portfolio.
No. Kalshi has not completed an initial public offering and is not currently traded on a public exchange. There is no assurance that Kalshi will pursue an IPO or when one might occur.
No. XOVR trades on Nasdaq and can be purchased by any investor with a brokerage account that supports listed ETFs. Accreditation requirements apply to private-market Kalshi shares, not to XOVR.
Private-company investments are re-valued every business day through the fund’s independent fair-value pricing process pursuant to its applicable valuation policies, and those valuations are reflected in XOVR’s daily net asset value.
No. XOVR is structured as an open-end ETF and issues a standard brokerage 1099, not a partnership K-1.
Access
Access private and public companies through one ETF
XOVR holds an investment in Kalshi, a company operating in the prediction-market category. XOVR combines select private-company investments with a public-equity foundation inside one Nasdaq-listed ETF.
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Investing involves risk, including the possible loss of principal. ETF shares trade at market prices and may trade above or below net asset value.
XOVR shareholders own shares of the fund and do not own Kalshi or any other portfolio company directly. References to Kalshi are for informational purposes and do not constitute an offer to buy or sell Kalshi shares, Kalshi event contracts, XOVR shares or any other security or financial instrument.
Investments in privately held companies involve additional risks, including limited liquidity, restricted transferability, limited financial information, valuation uncertainty, longer investment horizons and difficulty selling an investment at a desirable time or price.
Private investments are valued pursuant to the fund’s applicable valuation policies and procedures. The value assigned to a private investment may differ materially from the value ultimately realized.
Prediction-market companies are subject to legal, regulatory, competitive, reputational, technological and operational risks. Laws, regulations and interpretations may change and may differ across jurisdictions.
Kalshi’s reported financing, valuation, volume and growth figures were published by Kalshi and have not been independently verified by ERShares. Private financing valuations are negotiated values and do not necessarily represent current fair value or future realizable value.
There is no assurance that Kalshi will complete an IPO, generate profits, preserve its competitive position or achieve a favorable liquidity event.
Holdings and allocations are subject to change. References to portfolio companies do not constitute recommendations to buy, sell or hold those companies.
XOVR’s management fee is 0.75%. In accordance with SEC Rule 482(i)(1), the fund’s total annual operating expenses, without any fee waivers or expense reimbursement arrangements, are 1.81% as reported in the fee table of the prospectus.
Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. This and other information is contained in the fund’s prospectus and summary prospectus, which may be obtained at entrepreneurshares.com. Read the prospectus carefully before investing.
Past performance does not guarantee future results.
Distributed by Foreside Financial Services, LLC. Entrepreneur Factor is a registered mark of EntrepreneurShares LLC. Nasdaq is a registered trademark and is used under license. Kalshi and related marks are the property of their respective owners and are used for identification purposes only; their use does not imply any affiliation with or endorsement by Kalshi.
Kalshi in XOVR explains how the fund gives investors exposure to Kalshi. XOVR is the ERShares Private-Public Crossover ETF. It trades on Nasdaq under the ticker XOVR. The fund pairs a public-equity core with a measured allocation to select private companies. The public sleeve follows the proprietary ER30TR Index methodology. It focuses on founder-led corporate growth. The private sleeve holds a limited number of late-stage companies. Because those companies are private, their shares are not listed on any public exchange. As a result, they cannot be bought directly in a standard brokerage account. Kalshi in XOVR therefore offers an indirect, publicly traded route to that exposure. There is no accreditation requirement for ordinary purchases. There is also no partnership K-1 at tax time. Shares can be bought and sold intraday during regular market hours. Each private position is re-valued every business day. That value then flows into the daily net asset value. In short, Kalshi in XOVR is one broadly diversified portfolio. Its performance reflects every holding together, not any single company. This page describes how the Kalshi in XOVR structure works. It also outlines what investors should review before making a decision.