Proposed ETF from VegaShares Bets on 4X Leveraged Funds [Yahoo! Finance]
MARKET VECTORS GOLD ETF (GDX)
NASDAQ:AMEX Investor Relations:
vaneck.com/etf/equity/gdx/documents
Company Research
Source: Yahoo! Finance
A hopeful ETF issuer is trying its luck with the SEC, last week filing with the regulator for 16 funds that would use 3X or 4X leverage on a variety of large exchange-traded funds from other firms. A few months ago, that would hardly have been news, as at least nine other companies made a blitz of filings for 3X and 5X ETFs, many of which focused on single securities or assets. What stands out, though, is that the Securities and Exchange Commission sent warning letters to those nine issuers, including Direxion, GraniteShares and ProShares, that previously filed for the highly-leveraged funds. In short, any such products would violate a rule that limits leverage, and it's unclear how any of the firms hoping to launch the funds would get around that. “The timing of the filings is perplexing because the issuers seem oblivious to the SEC's clear messaging that leverage beyond 200% is incompatible with Rule 18f-4, absent exemptive relief,” said Bill Singer, a veteran Wall Street regulat
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