Profesyonel spor takımlarına dayalı ETF adayları, yatırımcılar için yeni bir oyun alanı mı yaratıyor

Kısaca

Haber, NHL ve MLB takımlarını hedefleyen çok sayıda ETF başvurusu olduğunu; bunlar sezon istatistiklerini izleyen futures kontratları üzerinden işlem görmeyi amaçlıyor İddia sahipleri ile analistler, yatırım ile kumar arasındaki çizginin giderek bulanıklaştığını belirtiyor Rex Financial ve diğer firmalar bu alanda altyapı ve yatırım araçları geliştirme üzerinde çalışıyor

Ana mesele

Bir spor takımına dayalı vadeli sözleşme bazlı ETF'ler yatırımcı ilgisini artırabilir

Ne değişti?

Bir takımın sezon istatistiklerini izleyen ETF fikri yeni bir yatırım aracı olarak ortaya çıktı

Beni nasıl etkiler?

Okuyucunun spor ve yatırım arasındaki bağları netleşir; risk ve kazanç mekanizmalarını düşünmesi gerekir

Ne oldu?

Kayıtlar, SEC için başvuru yapan çok sayıda takım odaklı ETF projesini gösteriyor

Neden şimdi?

Spor bahisleriyle yatırım arasındaki popülerlik artıyor ve dijital varlık ortamında yeni araçlar talep görüyor

Neden önemli?

Yatırımcılar için yeni riskler ve fırsatlar doğuyor; regülasyon ve şeffaflık kritik

Kimler etkileniyor?

• Tüketiciler/yatırımcılar
• ETF yöneticileri
• Borsalar
• Regülatörler

Sektör ve piyasa etkisi

Piyasa katılımcıları arasında yenilikçi ürünler nedeniyle volatilite artabilir

Riskler

• Kullanım amacının belirsizliği
• Kamu güveninin zayıflama riski
• Regülasyon değişiklikleri

Takip edilmesi gerekenler

• SEC onayı süreci
• Takım performansına bağlı volatilite
• Lisanslı verilerle desteklenen endekslerin güvenilirliği

Haberin tamamı

In 1989, all-time hits leader Pete Rose was banned from Major League Baseball for life because of his gambling activities. He wasn't reinstated until last year, months after his death in 2024.

Fast-forward to today, and Pete Rose's gambling might seem like just another day on Wall Street as financial firms expand the ways fans can put money behind their teams, beyond a beer and a $15 hot dog.

You may soon be able to buy a ticker for your favorite hockey team, and it isn't a stake in the franchise. Multiple asset managers have filed to launch dozens of ETFs, one for every NHL team, with MLB baseball team funds filed as well, all built on new futures contracts that track a team's season statistics. None has begun trading but in all, hundreds of ETFs that track the single-season performance of one professional team across a mix of statistical categories have been filed at the SEC for approval.

Some finance experts see the development as lacking any nuance whatsoever.

"The line between gambling and investing has not simply been blurred, it has been erased," said Robert Johnson, a professor of finance at Creighton University.

Among fund companies getting in on the novel trend are VolatilityShares , LeagueShares, Roundhill Investments , and Rex Financial .

None of the four companies responded to requests for comment. Asset managers typically cannot publicly comment during the period between when funds are filed with the Securities and Exchange Commission for approval and when they become effective, if approved.

Rex, a Miami-based ETF issuer, announced Sept. 21 that it was launching Alpha Sports Holdings, a new subsidiary built to turn team performance into exchange-traded funds. REX has filed with the SEC for BaseballShares and HockeyShares, suites of ETFs that would track Major League Baseball and National Hockey League teams through futures contracts that CME Group, the derivatives exchange, lists on indexes built by FutureSports, an index company. The underlying CME futures , which began trading for NHL teams in late September, need to first establish a trading history.

Each team's index opens the season at a set number and moves as the team racks up statistics, including runs scored, stolen bases and strikeouts for baseball, then resets in the offseason.

"The sports industry generates hundreds of billions of dollars a year, but there has never been a liquid, transparent investment product tied directly to what happens in live games," said Greg King, CEO of Alpha Sports, in a press release. "Alpha Sports exists to build that product for passionate investors who want to participate in the fortunes of their favorite teams."

Johnson, though, said the sports-themed ETFs are far more gaming than investing.

"I thought that the ETF world had jumped the shark with the introduction of the 2X and 3X leveraged and inverse ETFs. In my mind these were simply vehicles for short term speculators. But, at least these vehicles were based upon assets. The new structures — and I call them structures, not assets — are simply gambling dressed up as investing," Johnson said.

In fact, the proposed team ETFs include in some cases leveraged versions of trades on single-team performance.

The boom in prediction markets is already blurring the lines between sports wagering and market trading. Unlike prediction markets contracts, the sports team ETFs are tracking futures off an index rather than a single event (e.g. win or loss). But while structurally contracts in this market have a role to play for investors, in the case of sports performance, Johnson says the case is weak.

"They have societal value in that parties are able to hedge natural positions and transact with other speculators willing to bear that risk. This allows a more optimal allocation of risk," Johnson said.

But he added that is not the case when individual investors are making bets on the performance of sports teams they follow.

"There are no natural positions being hedged. In the aggregate, they destroy wealth," Johnson said.

Here's a look at other stories offering insight on ETFs for investors.

Alex Michalka, vice president of investment research at investing platform Wealthfront, said the case for investing in the performance of sports teams is nearly impossible to separate from gambling, since wagering on whether a sports team will win or lose does not facilitate an economic purpose that adds value to the world.

"That is not to say a legitimate economic use case is impossible, but most people will likely use these funds for the same reasons they place a sports bet, which is often to show loyalty to a team or simply for entertainment," Michalka said. "Just because sports betting has an ETF wrapper, it does not change the risk associated with it," Michalka added.

Futures have long been used for hedging, and the CME contracts and FutureSports may be ways for sponsors, broadcasters, insurers and arena vendors to potentially hedge exposure against assets and liabilities. Conceptually, that's similar to an airline hedging fuel prices or an insurer hedging extreme weather risks. But in actuality, that does not apply to the vast majority of investors when it comes to these specific sports investments.

"Sports as an asset class exists, but for a few very select people out there," said Todd Sohn, chief ETF strategist at Baird Strategas. "I'm unsure if 'democratizing' really makes sense here," he said.

Haberin tamamı için kaynak bağlantısını ziyaret edin.

Kaynaklar

• CNBC - Top News