Markets keep turning probabilities into products. Bitwise and GraniteShares just filed for election-outcome ETFs structured around binary contracts that settle at $1 or $0 depending on results. Each fund must allocate ≥80% to regulated event derivatives, meaning prices effectively track implied political odds in real time. With multiple issuers now pursuing this structure, prediction markets are rapidly becoming tradable financial instruments. If probabilities can become assets, where does speculation end and macro hedging begin?