Director, SEC Division of Investment Management
Appears in 1 story
Last updated May 10, 2026
As of May 2026: Key policy voice on derivatives and ETF leverage compliance
In late 2025, SEC staff sent warning letters to nine ETF issuers, including Direxion and ProShares. The letters froze applications for 3x–5x leveraged ETFs tied to single stocks, sectors, and crypto assets including Bitcoin and Ethereum. The SEC staff cited Rule 18f‑4's value‑at‑risk cap and the requirement that the unleveraged underlying asset be the designated reference portfolio, which established that new ETFs cannot legally target more than 200% exposure.
Updated May 10
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