How a sports team ETF works

All 4 issuers buy exchange traded futures on an index of one team, published by FutureSports. Each season it starts at a standardised base of 7,500. The index moves on officially reported game statistics, where positive actions add points and negative actions subtract them, and it goes back to its base every year. Every one of these filings states that its index is designed to align with the IOSCO Principles for Financial Benchmarks, which is the issuers' own claim and not something ETFIQ has verified. The reset is the difference a holder feels, and no two of these issuers put it in the same place.