Subversive Files Sports Event Contract ETF

The Subversive All Season Sports ETF will seek capital appreciation through investments tied to sports event contracts. The fund will gain exposure primarily via total return swaps referencing binary event contracts covering professional leagues, college sports, international competitions, and major individual events. It will typically hold 40–80 positions, using probability analysis to identify opportunities where market-implied odds differ from the adviser's view. The strategy relies on a Cayman subsidiary and collateral investments in Treasuries, and the filing highlights that incorrect event outcomes can result in the loss of nearly the entire investment tied to a contract.