{"id":75588,"date":"2025-12-03T15:15:46","date_gmt":"2025-12-03T15:15:46","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=1235474"},"modified":"2025-12-03T15:15:46","modified_gmt":"2025-12-03T15:15:46","slug":"sec-warns-issuers-ultra-leveraged-3x-and-5x-etfs-wont-bypass-200-var-cap","status":"publish","type":"post","link":"https:\/\/coinalsat.com\/en\/sec-warns-issuers-ultra-leveraged-3x-and-5x-etfs-wont-bypass-200-var-cap\/","title":{"rendered":"SEC Warns Issuers: Ultra-Leveraged 3x and 5x ETFs Won\u2019t Bypass 200% VAR Cap"},"content":{"rendered":"<p> <img loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap.webp\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"SEC Warns Issuers Ultra-Leveraged 3x and 5x ETFs Won\u2019t Bypass 200 VAR Cap\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" decoding=\"async\" srcset=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap.webp 1280w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-300x169.webp 300w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-1200x675.webp 1200w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-768x432.webp 768w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-150x84.webp 150w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-450x253.webp 450w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>U.S. SEC has warned issuers that filed leveraged 3x and 5x ETFs would not bypass the 200% VAR limit.<\/strong><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>SEC is yet to approve ultra-leveraged ETFs filings in the U.S., despite greenlighting some altcoin ETFs<\/strong>.<\/span><\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The U.S. Securities and Exchange Commission (SEC) recently challenged the industry\u2019s attempt to launch 3x and 5x leveraged crypto ETFs. The agency warned that the exchange-traded funds (ETFs) would not bypass the 200% Value-at-Risk (VAR) limit under Rule 18f-4.<\/span><\/p>\n<h3><b>SEC Push Back on Ultra-Leveraged 3x and 5x ETFs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Bloomberg senior ETF analyst Eric Balchunas <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/x.com\/EricBalchunas\/status\/1995957965837508677\">commented<\/a> on X that the SEC is pushing against all leveraged 3x and 5x ETF filings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balchunas shared an email copy sent by the SEC\u2019s Division of Investment Management to attorney Stacy L. Fuller of K&amp;L Gates LLP.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fuller is the representative of Direxion Shares ETF Trust, which submitted post-effective amendments on October 3 and 10, attempting to register new leveraged series.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the email, the regulator formally objects to the trust\u2019s proposed fund structures. They expressed concerns regarding the registration of ETFs seeking to provide more than 200% leveraged exposure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The trust had filed amendments on Form N-1A for several traded funds listed in an attached appendix. The SEC, however, countered the filing. The regulator said it would not complete a full review until the leverage issues outlined in its correspondence were resolved.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the email, the SEC mentioned Rule 18f-4 under the Investment Company Act of 1940, referred to as the Derivatives Rule. This rule limits an open-end fund\u2019s risk exposure by ensuring its VAR does not exceed 200% of a designated reference portfolio risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Accordingly, any ETF seeking more than 2x leverage under these conditions must meet very concise alternative testing requirements issued by the SEC. If they fail to meet these conditions, they can withdraw the application entirely.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Balchunas thinks blocking all leveraged 3x and 5x ETFs is actually good, even though he is very pro-free market. His sentiment is based on concerns that real-world volatility would cause ultra-leveraged funds to hit their VAR limits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When this happens, the fund either has to reduce leverage or trigger a termination event and liquidate.<\/span><\/p>\n<h3><b>Ultra-Leverage ETF Filings Flood the SEC Table<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The SEC\u2019s latest objections follow public warnings issued in October. At the time, the SEC expressed doubt whether dozens of leveraged ETF applications filed could comply with federal limits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Brian Daly, Director of the SEC\u2019s division of investment management, said ETF applicants had flooded their tables with filings for leverage products. The issuers submitted the filings during the shutdown of the US government.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, ETF issuer Volatility Shares submitted proposals for 27 ultra-leveraged ETFs. If the SEC had given its approval, this would have been the first 5x leveraged ETF products in the United States.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Teucrium launched the first U.S. ETF offering 2x daily leveraged exposure to <\/span><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.crypto-news-flash.com\/what-is-ripple-and-what-is-xrp-origin-and-beginner-guide\/\"><span style=\"font-weight: 400;\">XRP<\/span><\/a><span style=\"font-weight: 400;\">, as we previously <\/span><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.crypto-news-flash.com\/teucrium-just-dropped-the-first-leveraged-xrp-etf-in-the-u-s\/\"><span style=\"font-weight: 400;\">discussed<\/span><\/a><span style=\"font-weight: 400;\">. This product is complete with Ticker XXRP, which became available on the NYSE Arca.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A few months later, specifically in August, <\/span><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.crypto-news-flash.com\/xrp-adoption-expands-as-leveraged-etf-proposal-hits-sec\/\"><span style=\"font-weight: 400;\">Tidal Trust II filed for a leveraged long XRP ETF<\/span><\/a><span style=\"font-weight: 400;\"> with exposure to XRP. The proposed ETF is expected to provide leveraged exposure of 150% to 200% in the daily change in XRP price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a related development, NYSE ARCA has officially approved the listing of Franklin Templeton\u2019s spot XRP ETF.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As <\/span><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.crypto-news-flash.com\/franklin-templeton-achieves-nyse-approval-for-first-xrp-etf\/\"><span style=\"font-weight: 400;\">featured<\/span><\/a><span style=\"font-weight: 400;\"> in our recent coverage, this XRP ETF began trading on November 24, under the ticker symbol XRPZ. Also note that the SEC has <\/span><a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.crypto-news-flash.com\/spot-xrp-etf-set-for-monday-debut-as-21shares-finalizes-toxr-listing\/\"><span style=\"font-weight: 400;\">approved 21Shares\u2019 spot XRP ETF<\/span><\/a><span style=\"font-weight: 400;\"> for the U.S. market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p> <img width=\"1280\" height=\"720\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap.webp\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"SEC Warns Issuers Ultra-Leveraged 3x and 5x ETFs Won\u2019t Bypass 200 VAR Cap\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" decoding=\"async\" fetchpriority=\"high\" srcset=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap.webp 1280w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-300x169.webp 300w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-1200x675.webp 1200w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-768x432.webp 768w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-150x84.webp 150w, https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/12\/SEC-Warns-Issuers-Ultra-Leveraged-3x-and-5x-ETFs-Wont-Bypass-200-VAR-Cap-450x253.webp 450w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/>U.S. SEC has warned issuers that filed leveraged 3x and 5x ETFs would not bypass the 200% VAR limit. SEC is yet to approve ultra-leveraged ETFs filings in the U.S., despite greenlighting some altcoin ETFs. The U.S. Securities and Exchange Commission (SEC) recently challenged the industry\u2019s attempt to launch 3x and 5x leveraged crypto ETFs. [&#8230;]  <\/p>\n","protected":false},"author":5,"featured_media":75589,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-75588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Warns Issuers: Ultra-Leveraged 3x and 5x ETFs Won\u2019t Bypass 200% VAR Cap - CoinAlSat.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinalsat.com\/en\/sec-warns-issuers-ultra-leveraged-3x-and-5x-etfs-wont-bypass-200-var-cap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Warns Issuers: Ultra-Leveraged 3x and 5x ETFs Won\u2019t Bypass 200% VAR Cap - CoinAlSat.com\" \/>\n<meta property=\"og:description\" content=\"U.S. SEC has warned issuers that filed leveraged 3x and 5x ETFs would not bypass the 200% VAR limit. SEC is yet to approve ultra-leveraged ETFs filings in the U.S., despite greenlighting some altcoin ETFs. The U.S. Securities and Exchange Commission (SEC) recently challenged the industry\u2019s attempt to launch 3x and 5x leveraged crypto ETFs. 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SEC is yet to approve ultra-leveraged ETFs filings in the U.S., despite greenlighting some altcoin ETFs. The U.S. Securities and Exchange Commission (SEC) recently challenged the industry\u2019s attempt to launch 3x and 5x leveraged crypto ETFs. 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