Senior ETF Analyst, Bloomberg Intelligence
Appears in 1 story
Prominent outside analyst shaping public understanding of ETF leverage rules
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
No stories match your search
Try a different keyword
How would you like to describe your experience with the app today?
