Subversive Files ETF Focused on Event Contract Strategies

The Subversive Prediction ETF will invest in event contracts tied to economic, regulatory, climate, and geopolitical outcomes. The actively-managed fund will primarily gain exposure through total return swaps and a Cayman Islands subsidiary, maintaining positions in roughly 30–50 event contracts while using Treasuries and money market funds as collateral. The adviser aims to profit from differences between market-implied probabilities and its own analysis of event outcomes. The filing emphasizes the strategy's highly speculative nature, as incorrect event predictions can result in the loss of nearly the entire investment tied to a contract.