Direxion Plans ETFs to Trade Prediction Markets on Private-Company KPIs

Direxion has filed for four actively managed ETFs offering prediction-market exposure to company-specific performance metrics for SpaceX, Tesla, OpenAI and Anthropic. Rather than tracking the companies’ share prices, the ETFs would use event contracts, primarily accessed through total return swaps, tied to whether specified financial or operating KPIs meet predetermined thresholds. Each fund plans to maintain a ladder of contracts covering four quarters and roll exposure as events settle or approach expiration. At least 80% of assets would provide exposure to event contracts reflecting market expectations for the respective company, with certain investments potentially routed through Cayman subsidiaries capped at 25% of assets.