Tidal Files ETFs to Bet on Fed Consensus and Surprise Decisions

Tidal Investments has filed for two actively managed ETFs using prediction-market event contracts tied to Federal Reserve interest-rate decisions. The Prediction Market Fed Funds Consensus ETF would target outcomes viewed as most likely by the market, while the Surprise ETF would target less-likely alternatives. Both would gain exposure mainly through swaps linked to binary contracts spanning multiple FOMC meetings, with Treasuries and money-market funds serving as collateral. The filings emphasize substantial loss potential when anticipated Fed outcomes fail to occur.