TechFlow news, December 3 — The U.S. Securities and Exchange Commission (SEC) has issued a series of warning letters to some of the country's most active high-leverage exchange-traded fund providers, effectively halting the launch of products designed to deliver double or triple the daily returns of stocks or commodities. In nine nearly identical letters released Tuesday, the SEC informed companies including Direxion, ProShares, and Tidal that it will not proceed with reviewing proposed product offerings until key issues are resolved. The regulator's primary concern is that these funds' risk exposures could exceed SEC limits on how much risk a fund may take relative to its assets. The letters instruct fund managers to either modify their investment strategies or formally withdraw their applications. (Golden Ten)
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