According to Cointelegraph, ETF issuers Bitwise and GraniteShares submitted prospectuses to the U.S. Securities and Exchange Commission (SEC) on Tuesday to apply for the launch of prediction market-style ETFs linked to the results of the U.S. election, each covering six products.

Bitwise's ETF series is branded as PredictionShares and is scheduled to be listed on the NYSE Arca. The six funds correspond to the 2028 presidential election and the 2026 Senate and House of Representatives elections, with two funds for each election, Democratic and Republican. Each fund invests at least 80% of its net assets in binary event contracts, which are traded on CFTC-regulated exchanges and settle at $1 if a predetermined outcome occurs, otherwise $0. The prospectus submitted by GraniteShares has the same structure.

Bloomberg ETF analyst James Seyffart commented on this, saying, "The trend of financialization and ETFIZATION of everything continues. Previously

, Roundhill had filed a similarly structured application on February 14, and Bitwise's entry into the arena with GraniteShares further intensified competition in the track.