美国SEC连发九封警告函 叫停高杠杆ETF产品发行计划

Core Viewpoint - The SEC has issued warnings to several major providers of leveraged ETFs, effectively halting the launch of products aimed at achieving two to three times daily returns on stocks, commodities, and cryptocurrencies [1][3]. Group 1: SEC Actions - The SEC sent out nine nearly identical letters to companies like Direxion, ProShares, and Tidal, stating that the review of proposed products will be paused until key issues are resolved [1][3]. - The SEC's primary concern is that the risk exposure of these funds may exceed the agency's limits on risk relative to asset size [1][3]. - The letters require fund managers to either modify their investment strategies or formally withdraw their applications [1][3]. Group 2: Market Context - This action marks a rare pause in the previously lenient approval environment for U.S. funds, which had allowed various cryptocurrency-related ETFs and increasingly complex trading strategies to launch [1][3]. - The funds currently under SEC scrutiny are at the extreme edge of this trend, combining high leverage, daily trading reset mechanisms, and involvement in highly volatile markets, including individual stocks and digital tokens [1][3]. Group 3: Leveraged Products Popularity - Leveraged products are favored by investors for their ability to amplify returns through options, leading to a surge in trading volume since the pandemic, with related asset sizes reaching $162 billion [2][4]. - The SEC's swift public disclosure of its concerns indicates a desire to communicate these issues promptly, as the agency typically releases correspondence with companies only after completing reviews, which usually takes about 20 business days [2][4].