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You've heard of the luck of the Irish. Want to bet on the luck of the ****** et manager?
Tidal Investments and Subversive Capital have filed a prospectus with the Securities and Exchange Commission for an "event contracts" exchange-traded fund tied to the outcomes of sports games. In other words, a sports gambling ETF. The Subversive All Season Sports ETF will have exposure to 40 to 80 bets at once, attempting to generate alpha by betting on where the adviser thinks the market's odds are wrong. The filing also included a related fund, the Subversive Prediction ETF, tied to "economic, regulatory, climate and global events themes." With the Securities and Exchange Commission still weighing approval of novel funds like these, whether they will actually make it to the market is a toss-up.
"They're pretty much a pro-innovation SEC," said Eric Balchunas, senior ETF ****** yst at Bloomberg Intelligence. Still, he theorized that the SEC wants to make sure it has a consistent framework in place to approve prediction market ETFs. "I think their issue here is that if they approve one of these, they could see 500 to 1,000 filings within a month or two. It would be raining filings."
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You've heard of the luck of the Irish. Want to bet on the luck of the ****** et manager?
Tidal Investments and Subversive Capital have filed a prospectus with the Securities and Exchange Commission for an "event contracts" exchange-traded fund tied to the outcomes of sports games. In other words, a sports gambling ETF. The Subversive All Season Sports ETF will have exposure to 40 to 80 bets at once, attempting to generate alpha by betting on where the adviser thinks the market's odds are wrong. The filing also included a related fund, the Subversive Prediction ETF, tied to "economic, regulatory, climate and global events themes." With the Securities and Exchange Commission still weighing approval of novel funds like these, whether they will actually make it to the market is a toss-up.
"They're pretty much a pro-innovation SEC," said Eric Balchunas, senior ETF ****** yst at Bloomberg Intelligence. Still, he theorized that the SEC wants to make sure it has a consistent framework in place to approve prediction market ETFs. "I think their issue here is that if they approve one of these, they could see 500 to 1,000 filings within a month or two. It would be raining filings."
Sign up for The Daily Upside at no cost for premium ****** ysis on all your favorite stocks.
2 months ago
