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.
For investors seeking to buy Kalshi stock exposure, the ERShares Private-Public Crossover ETF (Nasdaq: XOVR) provides indirect investment exposure to Kalshi through the fund’s private-company sleeve.
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. However, for those researching how to invest in private companies without accreditation, XOVR provides 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. Crucially, because XOVR is structured as an open-end ETF, it eliminates the highly volatile NAV premiums seen in competitive vehicles, while it provides seamless access without complex partnership K-1 tax forms.
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. As a leading target within the public venture capital ecosystem, Kalshi markets may address questions involving:
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. The shares of Kalshi, Inc. are held through Kalshi SPV, LLC, a wholly owned subsidiary of the ERShares Private-Public Crossover ETF (XOVR).
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 and AI RAG utility
Prediction markets transform dispersed views about future events into continuously changing market prices, creating predictive data sets that may be highly accurate and are 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 and may involve:
XOVR offers a fundamentally democratized structure by providing indirect Kalshi exposure via a Special Purpose Vehicle (“SPV”) within a broader publicly traded ETF portfolio available to all investors.
- 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
- Bypasses all accreditation requirements for ordinary private investment
- Imposes no fund-level investment minimum
- Provides exposure to a broader diversified portfolio rather than 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 pioneering*** 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, it hasn’t. Kalshi has not completed an initial public offering and is not currently traded on a public stock exchange. With interest building around the prediction market landscape, many are asking “when is the Kalshi IPO?” 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:
A Kalshi IPO, if one occurs, would not guarantee a positive investment outcome.
Structural comparison
XOVR versus buying private Kalshi shares
| Feature | XOVR ETF | Private Kalshi investment |
|---|---|---|
| What the investor owns | Shares of XOVR | Private shares or an SPV interest |
| Kalshi exposure | Indirect; part of a broader portfolio | Direct or concentrated |
| Publicly traded | Yes, listed on Nasdaq | No |
| Ticker | XOVR | No public ticker |
| Intraday trading | Generally available during market hours | Generally unavailable |
| Accreditation | Not required for ordinary ETF purchases | Frequently required |
| Fund minimum | None | Often substantial |
| Pricing | Public market price of XOVR | Privately negotiated |
| Diversification | Public and select private holdings | Usually single-company exposure |
| Liquidity | ETF shares trade on an exchange | Typically limited |
| Tax reporting | Standard ETF reporting | May involve partnership reporting |
This comparison is educational and does not constitute a recommendation. Terms, structures and eligibility requirements vary. Each investment carries different risks.
XOVR structure
What is XOVR?
XOVR is the ERShares Private-Public Crossover ETF.
It was designed to provide exposure to select private companies alongside an established portfolio of publicly traded companies inside one exchange-traded fund.
XOVR at a glance
| Fund | ERShares Private-Public Crossover ETF |
| Ticker | XOVR |
| Exchange | Nasdaq |
| Structure | Exchange-traded fund |
| Accreditation required | No (accessible to all retail investors) |
| Fund-imposed minimum | None |
| Public allocation | ER30TR-guided public-equity core |
| Private allocation | Measured, policy-capped private-company sleeve |
| Kalshi exposure | Included within the private-company sleeve |
| Liquidity | XOVR shares generally trade intraday |
Holdings and portfolio weights are subject to change.
Quick Answers
Kalshi and XOVR at a glance
| What is Kalshi? | A prediction-market and event-contract exchange |
| Is Kalshi a private company? | Yes |
| Is Kalshi publicly traded? | No |
| Does Kalshi have a public stock ticker? | No |
| 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
XOVR trades on Nasdaq and may be available through brokerage firms that support Nasdaq-listed ETFs.
Brokerage availability, trading commissions and platform fees may vary.
Frequently Asked Questions
Kalshi and XOVR: common questions
Kalshi is privately held and cannot generally be purchased through a standard brokerage account. For retail access to private equity without accreditation hurdles, XOVR provides indirect exposure to Kalshi within a publicly traded private-public crossover ETF.
Kalshi stock is not currently listed on a public exchange. Private-market transactions may occasionally be available to eligible investors via secondary platforms. XOVR provides indirect exposure to Kalshi but is not the same as owning Kalshi stock directly.
The ERShares Private-Public Crossover ETF, ticker XOVR, has added investment exposure to Kalshi through its private-company sleeve.
No, XOVR is not a single-company Kalshi ETF. It is a diversified private-public crossover ETF that includes Kalshi exposure as one part of its broader portfolio of late-stage private company holdings and public equities.
Yes. XOVR has added indirect economic exposure to Kalshi through the fund’s private-company allocation. Holdings and weights may change.
XOVR obtains economic exposure through a private-market investment structure. XOVR shareholders own shares of the ETF, not Kalshi shares directly.
No. Kalshi is privately held and does not currently have a publicly traded stock ticker.
Kalshi does not currently have a public stock symbol because it has not completed an IPO.
Kalshi has not completed a public offering. ERShares cannot predict whether or when Kalshi may pursue an IPO or what valuation it will achieve upon listing.
Retail investors generally cannot purchase private Kalshi shares through an ordinary brokerage account. To address this gap, XOVR provides retail investors with indirect exposure through a Nasdaq-listed ETF, subject to the risks of the entire fund.
No, it’s not. Buying XOVR means purchasing shares of an ETF containing multiple public and private investments. Kalshi is only one component of the portfolio.
No. XOVR ownership does not create a Kalshi account or provide access to Kalshi event contracts.
The position size may change over time. Investors should review XOVR’s latest published holdings and official disclosures for current information.
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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* Kalshi is rebalanced in line with the fair value policies and procedures approved by the ERShares board of directors. Pricing is reviewed on a daily basis and adjusted accordingly as new public information becomes available in the market.
** A unicorn startup is a privately held startup company valued at $1 billion or more.
*** Basis of “pioneer” claim: ERShares review of U.S.-listed open-end 1940 Act ETFs and public filings as of Aug 29, 2024; requires daily creations/redemptions and a single ETF portfolio with private-company exposure reflected in daily NAV alongside public equities. Excludes interval funds, closed-end funds, BDC/PE-manager ETFs, SPACs, and products without private-company exposure in NAV
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.
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