Financial firms are filing hundreds of ETFs that allow retail investors to bet on individual MLB and NHL team performance through futures contracts, with experts arguing the products blur the line between investing and gambling. Asset managers including Rex Financial, LeagueShares, and VolatilityShares have submitted SEC filings for team-specific funds that track season statistics, with some offering leveraged versions. Finance professors contend these structures lack the hedging utility of traditional derivatives and constitute gambling dressed as investing.