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Private-company exposure guide

Private Exposure X-Ray

See which holdings are public, held through an SPV, or unresolved inside MPLY, MOAT, and TOLL—and what the sources do not establish.

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Reviewed by Monopoly MOAT · August 26, 2026 · Sources and dates are listed below

SHORT ANSWER

TOLL currently discloses private Kalshi exposure through an SPV.

MPLY's SpaceX holding is now public. No current private-company or SPV position was identified in MOAT's August 24 disclosed holdings. A company name alone does not reveal the instrument, ownership chain, valuation method, or rights an ETF actually holds.

Primary evidence: MPLY holdings · Aug 25 SpaceX public-trading release MOAT · Aug 24 TOLL holdings · Aug 21 Tema valuation explanation · Jul 21

OWNERSHIP CHECK

Follow what each fund actually owns.

Select a fund to separate verified facts from the details the current source materials do not disclose.

PRIVATE / SPV

TOLL

Current indirect private exposure: Kalshi through an SPV.

Holdings: Aug 21, 2026 · valuation reference: Jul 21, 2026
01TOLL02Kalshi SPV Exposure03Special-purpose vehicle04Kalshi economic exposure

What the sources establish

  • 7,440 SPV units; these are not described as 7,440 Kalshi shares.
  • $4,500,158.40 carrying value and 7.64% portfolio weight on August 21.
  • Tema ties transaction cost to a $22 billion implied Kalshi valuation as of July 21.
  • Tema says carrying value remains unchanged unless another transaction occurs.
  • The issuer calls it TOLL's first and only private investment.

What the sources do not establish

  • SPV legal name, full ownership chain, and underlying Kalshi share class.
  • Underlying share count, voting, information, conversion, seniority, and dilution rights.
  • Transfer restrictions, exit mechanics, immediately saleable value, and tax consequences.
  • Fair-value classification, valuation discounts, and structuring costs beyond the issuer's limited fee statement.
  • How the position participates in creation/redemption activity.
Open Tema TOLL holdings CSV · Aug 21
STATUS
CHANGED

CATEGORY CHANGE

SpaceX changed category on June 12, 2026.

The current MPLY file reports SPCX US, CUSIP 84615Q103, as COMMON STOCK at 4.337716% of NAV. Treating that August holding as private would be stale. Historical acquisition terms and transition economics remain unclaimed until an archived verified record supports them.

HOLDINGS OBSERVATIONAug 21TOLL weight: 7.64%
VALUATION REFERENCEJul 21$22bn implied valuation

The carrying value can stay static while its percentage of ETF NAV changes as the rest of the portfolio moves.

DOWNLOAD THE PDF

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A twelve-page frozen-date dossier with instrument taxonomy, the Kalshi ownership chain, valuation and liquidity questions, and a private-to-public SpaceX case study.

  • Printable US-Letter edition
  • Definitions, sources, and dates included
  • No recommendation, rating, or sponsored placement
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COMMON QUESTIONS

Questions readers usually ask.

Does TOLL own Kalshi directly?

TOLL discloses KALSHI SPV EXPOSURE, so the portfolio instrument is an interest in a special-purpose vehicle rather than disclosed direct Kalshi shares. The underlying share class, rights, and full ownership chain are not disclosed in the source materials reviewed.

What percentage of TOLL is Kalshi exposure?

TOLL reported the Kalshi SPV at 7.64% of NAV and $4,500,158.40 as of August 21, 2026. The issuer says it was acquired at a transaction cost tied to a $22 billion implied Kalshi valuation as of July 21, 2026.

Is MPLY's SpaceX holding still private?

No. SpaceX Class A shares began public trading under SPCX on June 12, 2026. MPLY's August 25 holdings CSV labels its 4.337716% position COMMON STOCK, so this is current public equity exposure.

Does MOAT currently own private companies?

No private-company, restricted-security, or SPV position is identified in MOAT's August 24, 2026 disclosed holdings. This is a current-disclosure finding, not a categorical claim about every instrument its governing documents might permit.

SOURCES AND DATES

Check the sources behind the result.

Each figure keeps its source date. Unknowns and derived calculations are labelled rather than filled in.

  1. 01MPLY current holdings CSVStrategy Shares · Aug 25, 2026
  2. 02MPLY prospectusStrategy Shares
  3. 03SpaceX IPO closingSpaceX Investor Relations · Jun 2026
  4. 04SpaceX SEC offering filingUS SEC · Jun 12, 2026
  5. 05MOAT daily holdingsVanEck · Aug 24, 2026
  6. 06TOLL holdings CSVTema · Aug 21, 2026
  7. 07TOLL Kalshi FAQ and valuation explanationTema · valuation reference Jul 21, 2026
  8. 08Fair-value determinationsUS SEC